Ending of The Grey
Ottway and Hendrick continue, but are soon chased by the pack again. Fleeing, they both fall in the river and Hendrick gets stuck underwater and drowns despite Ottway's attempts to save him. Ottway then curses God and asks for his help. When nothing happens, Ottway decides he must do it on his own. Ottway continues on, but seems to despair, dropping to his knees. He pulls out each wallet collected from the dead, examines the personal photographs inside them and places them in a pile against the snow.
He adds his own wallet to the pile along with the letter he wrote to his wife. While he is going through the wallets, the pack of wolves surround him, leading Ottway to discover that he has walked right into their den. He is soon spotted by the Alpha male wolf and other members of the pack. Ottway has one more vision of his wife who is revealed to be on a hospital bed, apparently ill. In a final stand, Ottway tapes broken miniature alcohol bottles and a knife to his hands before reciting his father's poem in his head. Ottway takes a charge at the wolves at which point the film ends, leaving Ottway and the Alpha wolf's fates unknown.
During & after credit scene
After the credits, however, a small extra scene of the alpha wolf badly hurt and, perhaps, dying is shown speculating that Ottway lived or died killing the alpha wolf.
See also: The Grey movie quotes.