AI and organizational flattening are splitting the engineering manager role into two distinct futures. The first is the return of the tech lead manager (TLM) — a senior engineer who codes daily and handles a lighter managerial load for small teams. The second is an expanded EM role managing many small teams across product areas, becoming almost entirely non-technical. Most companies haven't deliberately chosen a direction; the split is happening through layoffs and reorgs. The preparation paths diverge sharply: TLMs should deepen technical judgment and AI code review skills, while multi-team EMs should practice domain-agnostic people management and cross-team leadership. Practical questions are offered to help engineers assess which model their company is moving toward.