Just listened to this over the past couple days -- still have about 20 mins to go in the discussion. One of the things that struck me when I read it and again when you guys were talking about it is how much I found it to be more a homage to Machen than to Blackwood. Rather than the Wendigo, I think of Machen's the Great God Pan when I read this story. There is so much imagery of old timey pagan-ness and tied up with the devil imagery (as those things have become over the centuries) in this that also fits with the wilderness, pagan god horrors of Machen. (Hoping you cover Wendigo some day -- a favorite of mine!)
Now I wish I had finished the discussion episode because I wonder if you take up the question of why the change happens -- i.e., why does BB take the grandson instead of one of the hunters? For me, and I've read the story twice, I decided the answer was Luke Honey. His presence changed the game. It is repeated in the story that BB doesn't need to take Luke because he's already got him. Could that be what changed things? The deal was to bring hunters every year so BB can take one -- this year it didn't get its full menu to choose from so it, too, broke the rules. Just a thought.
For what it's worth, I think that's also why Luke, in my opinion, makes it out alive. He's already "taken" so BB will let him go...
Anyway, great discussion! I love listening to you guys talk about some of my favorite stories/books.