"The One" Theory - Colton, Jacob and Grandma Fern
Grandma Fern says how she thought "the One" was going to be her son, if not him, then Colton's brother or Colton -- she said "who else would it be?"
MY THEORY (All pure speculation):
1) The legend of a time-traveling Landry (Jacob) - a young boy lost for 24 years in time - has been passed down through the Landry clan. The "One" means the One to go back in time, keep the Landry family in Port Haven, etc. -- and that One remains for a long period of time.
2) Fern was concerned she would be the one to lose her son or her grandson to the past for 24 years. That's why she's the grandma at the beginning telling her grandson Colton not to go in the pond yet -- she doesn't want to lose him for 24 years to the past.
3) Colton was aware of this legend. This results in the following: a) never telling Del about the pond, because she would be so angry with him for letting their kids be at risk, AND b) warning Jacob to not go near the pond -- because he knows the risk is for a young boy to be lost, and not warning kat.
4) Further, Colton spent so much money on detectives because he wanted to prove to himself that Jacob was NOT the One. He knew that the legend included the fact that the child would be gone for over 20 years, so accepting that Jacob went into the pond would be accepting that his child IS the one and he may never see him again.
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To me, this would explain several things, especially why Del does not know about the pond. Del can be harsh, unforgiving and stubborn -- I could see Colton being concerned that Del would never be able to come back from such a secret.
It would explain why despite Colton knowing about the pond, he was so set / stubborn on finding Jacob in the current timeline, was so secretive to Del, spent all their money as he was in denial, -- all because he did not want to accept the possibility of Jacob being "the One."