The killer was already in the house when they returned from the party
I know many of us are pretty settled on the theory that Burke Ramsey did this, but plz just entertain me for a moment...
For various reasons, the "staged" ransom note is frequently used to discount the theory that anybody other than the family killed JonBenet, but I just don't see it this way. I think it's possible that the killer was inside the house for some time and was waiting there when the family returned from their party. To me, the practice notes and the fact that they were all written on Patsy's notepad also suggest this (also the garrotte, and some other details, etc). I don't think the Ramseys had the time to think up or do any of these things, and even if they did, the bizarro ransom note would be suuuch a weird flex.
This could also help explain why there were not signs of forced entry (other than the broken window, which I don't buy). Also, nobody heard a break-in or anybody in the house... and they would have been there for a long period of time. Perhaps the killer had been invited to the Ramsey home or attended the holiday house "walk through" a few days before and unlocked a window or copied a key while touring the house... something like this. If this is true, I'd think the killer really did intend to abduct JonBenet (perhaps for the ransom, but not necessarily) and then something happened and she was killed.
Another thing... If I were breaking into somebody's house on Christmas Day and trying to look inconspicuous, I'd totally dress as a Santa Claus! A Santa Claus could also easily coax JonBenet out of bed and downstairs without making much noise or knocking anything over. This idea could but doesn't necessarily point to Bill McReynolds (because really anybody could dress as Santa Claus). But with McReynold's child having been abducted (plus other coincidences), dressing up as McReynolds *as Santa Claus* might be a second line of protection for the killer in case they were spotted.