The Twist

So, what is it that makes this story interesting?

The "Original Story" is a simple spook story where we never see the imaginary bogeyman. It's just someone's fears being shared with no antagonist to see.

The "Outer Story" is just old guys sitting around reminiscing, right?

Well, the inner story is about an imaginary antagonist. What if the friends around the campfire are imaginary too? We see 'em. They talk about the spooky stuff that sets up the telling of the original story.

But what if the two friends interactions are just what Eric's imagination would expect? For example:
1. The dishes being done are single items: one plate, one cup, a couple of pieces of silverware.
2. When Eric comes ashore, he brings chips & beer to share around, that are never opened or moved by the other two even though the express thanks.
3. There's only one camp chair near the fire, occupied by Eric, the other two sit on the campsite picnic table.
4. Wide shots of the campsite show only one sleeping bag in the tent.