No no no, heres what happens.
C.C. disappears shortly before the last episodes air. Kallen is killed. Lelouch breaks off of the invasion of Britania leaving all the work to his subordinates while he confronts his past. He arrives at the Imperial Palace and as he walks inside he casually kicks a grenade in the direction of the guards, thereby initiating a great gunbattle as Lelouch ascends the Imperial Palace alone. He finds Schnizel and Schinizel unlocks the final gate before he is shot. His final words are that he was "waiting for Lelouch to come back and take over..." Lelouch runs though the final leg of his jourey and reaches the Sword of Aksha where Suzaku is waiting for him. Suzaku has assassinated the Emperor and has been waiting for Lelouch in order to settle things once and for all. The final confrontation between these two former friends and now bitter rivals ends as they both shoot each other at the same time. Suzaku dies instantly, collapsing. Lelouch only has a few moments to contemplate his own life before he too dies, falling on the steps of the Sword of Aksha.
Rolo emerges from the shadows smiling down at Lelouch. He tells his dead "brother" that he "made a good clown" and that it was because "he talked so loud" that his actions were "so small." C.C. walks out from behind Rolo and looks at him with affection.