Two possible endings can occur: if Weasel is killed, the cycle repeats once again; if Weasel lives and the other three are killed, the cycle is broken, and he is finally freed of his punishment. The latter ending is canonical.
Which Ending Is Canon? With multiple endings that can be unlocked throughout the game, it leaves lots of room for interpretation for which one can be considered canon. As Team Cherry addressed in a Reddit Q&A, all endings are considered equally canon, and you choose the path yourself.