In "Mission: Impossible III," Ethan Hunt's wife, Julia Meade, is targeted by the antagonist, Owen Davian. During the movie, Davian kidnaps her to leverage Ethan into retrieving a dangerous weapon known as "the Rabbit's Foot." In a tense climax, Ethan successfully rescues Julia, but the experience reveals the dangers associated with his life as a spy. The film concludes with Ethan deciding to leave his life of espionage behind to protect Julia, emphasizing the personal stakes involved in his dangerous profession.

As of October 2023, "Mission: Impossible – Dead Reckoning Part One" was released in July 2023 and received positive reviews, performing well at the box office. However, "Dead Reckoning Part Two" had not yet been released at that time, so it's impossible to determine its success or failure. Box office performance and critical reception will ultimately define whether it is considered a flop. Keep an eye on updates for its performance upon release.

In "Mission: Impossible III," the "rabbit's foot" is a mysterious and highly sought-after item that acts as a MacGuffin driving the plot. While its exact nature and purpose are never fully revealed, it is implied to be a powerful biological weapon that poses a significant threat if it falls into the wrong hands. The character Owen Davian, played by Philip Seymour Hoffman, seeks the rabbit's foot for its destructive potential, making it critical to the film's conflict and Ethan Hunt's mission to protect it and save his loved ones.

Jeremy Renner did not officially "quit" the Mission: Impossible franchise; instead, his character, William Brandt, was not used in the later films after "Mission: Impossible – Ghost Protocol" (2011) and "Mission: Impossible – Rogue Nation" (2015). Renner's commitments to other projects and the evolving direction of the franchise likely contributed to the absence of his character in subsequent installments. Additionally, the focus shifted back to Tom Cruise's character, Ethan Hunt, in later films.