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Altough Shadow the hedgehog have 10 official not-canon ending + The Last Way, acordingly to Sonic Retro, the game have a total of 326 possible stories, all of them named.
Its insane, but hey, if you want to 100% Shadow the Hedgehog, here's the list of all 326 endings and methods to unlock them: http://info.sonicretro.org/List_of_Shadow_the_Hedgehog_Library_sequences
that is insane
there are many endings in this game