The Shadow Council and the First Order

Prior to this most recent season of The Mandalorian, we as an audience assumed that the remnants of the Empire fled into the Unknown Regions of the galaxy and became the First Order. While that is true from a certain point of view, this series has revealed that there is a loosely united Imperial Remnant that is under control of Grand Admiral Thrawn, at least in theory. So that raises the question: what is the relationship between the Shadow Council which governs the Imperial Remnant and the fledgling First Order? Join me as I theorize responsibly.