Doctor Strange and the Multiverse of Madness almost had a completely different Illuminati. In one version, Iron Monger and Balder the Brave was part of the team. This never made it to the big screen for some reason, but we just got a look at a deleted MCU scene showing Thor's Asgardian half-brother.
Wanda killed Balder The Brave in this BTS of Doctor Strange in the Multiverse of Madness from marvelstudios
Thanks to Elizabeth Olsen's stunt double, CC Ice, we now have alternative footage from the Doctor Strange sequel with Balder as part of the Illuminati. The video features the Scarlet Witch, also known as Wanda Maximoff, as she kills off the heroes of Earth-838, including Balder the Brave. In this particular show, Balder the Brave is seen as perishing from being stabbed with a sword, presumably his.
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In the comic books, Balder the Brave is close to invulnerable as long as he is in Asgard. The Doctor Strange follow-up could've changed this bit and made him impervious to damage save for the one he inflicts on himself. This would explain the rumors of Wanda casting a spell on Balder to commit suicide in front of the rest of the Illuminati.
It's unclear why Sam Raimi and Marvel Studios ultimately cut out Iron Monger and Balder the Brave from Earth-838's Illuminati. If nothing else, it would've been interesting to see a different Asgardian on-screen, even if only temporarily.
As for who could've played Balder, previous reports claim that Daniel Craig had signed on for the role before he had to decline later on due to the COVID-19 pandemic.
With that said, this cut role isn't necessarily the end for Balder the Brave in the MCU. The last we heard, Craig's schedule is pretty free after hanging up the tux following a decade-long run as James Bond. If Kevin Feige comes calling, we're sure Craig wouldn't hesitate to answer and play Balder this time around. He could probably join Chris Hemsworth's Thor as one of his backups in Thor 5, where he's presumed to be facing off against Brett Goldstein's Hercules following the events of Thor: Love and Thunder.
Of course, that's still likely many years away as Hemsworth is currently taking a break from acting due to health concerns.
For now, fans can watch Craig in Glass Onion: A Knives Out Mystery on Netflix. According to Rian Johnson, the film's director, a third Knives Out film is a definite possibility following the success of the sequel.