We don't really know if the Nerevarine is dead and they were the reincarnation of Nerevar Indoril, the Hero of Kvatch is more complicated with the whole Sheogorath thing but they propbably aren't dead either.
The Nerevarine and the Hero of Kvatch both are immortal. So most likely neither of them are dead during the Dragon Crisis, and the Nerevarine isn't dead during the Oblivion Crisis. It's also possible that the Eternal Champion hasn't died of old age yet at the start of Morrowind. He'd only be about 57. The Hero of Daggerfall would be about 52, but it can be assumed he died in the Warp to the West. The Eternal Champion and the Hero of Daggerfall were also alive at the same time, being born only 5 years apart. Now the Nerevarine is the reincarnation of Nerevar Indoril, so it wouldn't make sense for him to also be the reincarnation of the EC or the HoD. Oblivion takes place only 6 years later than Morrowind, so it's still possible that the EC and maybe even the HoD are alive at this time. The only way I see it really working is if the EC or the HoD died and reincarnated as the HoK.
I prefer to look at each "hero" as more of a "vessel" rather than his or her own entity. The devs at Bethesda endeavor to make the heroes of their games embody the players that play them. Therefore, each is more like a being that is possessed by a higher power, or the eyes of another being from a different realm. Through each hero, you can experience a little more of the Elder Scrolls Universe, and to me the best evidence of this is found in ESO.
You're literally a soul-less Vestige, an empty vessel that must be filled. You wonder the realm with the hope of regaining your former self, but along the way you encounter enemies.
220.127.116.11 wrote: I have a theory for everybody. I believe that each games hero is just a reincarnation of the last. Basiclly the avatar. What do you guys think?
The Champion of Cyrodiil couldnt possibly be a reincarnation of the nerevarine because the events of TES 4 Oblivion take place only a few years after the events of TES 3 Morrowind and The Champion of Cyrodiil is already an adult when TES 4 Oblivion takes place