I heard this theory years ago and today have no idea who to give the credit or blame to for its brilliance/flimsyness. In mine and that other guy i cant remember's opinion, when Link falls into the pit chasing the skull kid, he dies. In the last few moments before impact (with the cushiony flower SHUT UP), the major events of Link's life are vaguely summarised in the story that is Majora's Mask.
For starters, Link is subject to racial prejudice as the deku scrub, or his OOT counterpart, the boy without a fairy... uh.. the only other evidence i can remember (I'm too lazy to come up with any myself) is Ganon/Majora's Mask(the master) and the skull kid/ganondorf (the puppet). I desperately hope that my theory won't be crushed by hordes of more solid and plentiful evidence within it's budding moments.