I believe the key to understand this is in the final of Ocarina of Time. We know Child Timeline when Link pulls off the Master Sword, then Adult Timeline when Link defeat Ganon and the third one, when Zelda sent back Link at the final, to be a child, but she sent back before almost every event in the game. The game ends when they meet for the first time.

@Pswii60 - The Legend at Minish Cap must be Skyward Sword.

You wait for the book.

I'm waiting for the licensed video game of the movie adaptation of the book chronology of the video games.

A third timeline does reconcile the fact that Ganondorf rather blatantly dies at the end of Twilight Princess. My reconciliation of this was that Angahim revived Ganon specifically rather than Ganondorf in LttP (or Angahim *was* Ganon, i forget, but a reincarnation sort of deal), to speak something to the point that Ganondorf lost his humanity at that point

The three way split was theorized by some, but the two-point one was pretty functional barring the discrepancy i addressed

Ganondorf dying is not ever, ever, ever a problem.

What the three-pronged timeline does is that it reinstates OoT as (the lead-in to) ALttP's backstory. It's an elegant solution, implicitly explaining how Ganondorf obtained the complete Triforce. Him not dying further simplifies matters, although as Khuutra said, that is never a problem in the long run.

What is truly important about the official timeline is that it shows that the chronological canon of the series is fairly solidified, and that Nintendo generally tries to respect the original intent behind the games. There is plainly a general pathological mythos as well, which is treated with the same respect. The only true retcon here is the ALttP/Oracles-LA connection, and that was fairly blatant within the Oracles themselves. With Fujibayashi now in the main director's chair, there was really no reason to dispute it anymore. On a related note, the reasoning behind the Four Swords games is consistent with what we have been told, but the details (if any) will be interesting to read about, nonetheless.

But Ganon was sealed at the start of A Link to the Past!! Also i can imagine how did the Hero of time fail, since you take the Master Sword and it goes 7 years in the future, and then you come back generating another timeline... Anyone knows how did the third one appear??

You only need to go back in time in OoT once, strictly speaking - to do the Under the Well and the Spirit Temple (child timeline) at the same time. Canonically this is probably what happens. You go back in time once, creating a third timeline where Link disappears after three dungeons. Then all the countries of the world, lead by the sages, unite to imprison Ganon. That's the Imprisoning War, the backstory of LttP.

the main problem with timeline talk has been fitting the OOT > MM > TP line with the  OoT > LTTP > Oracles > LA > Zelda > zelda 2 line

i used to solve this simeply by having lttp take  place after TP nintendo seems to have solved it by putting it in a completely different timeline

I had relegated Four Swords into discontinuity, since i assumed it either had no story or shared the story of FSA, but i wedged FSA as a direct sequel to LttP, based on what i had read and heard on the matter. It is odder still to put it in the post-TP era, because what does that say of Vaati, who skipped around from the pre-OoT era all the way to the end of one of the lines?

This shows the weakness of me having never played any of the non-3D Zeldas (barring the DS games). I should really do that sometime...

Oh, and Khuutra, your theory runs into the hole of necessary backtracking for the Spirit Temple, which would create a 4th timeline, though otherwise i like the idea
Maybe the third line comes from: Link revives all sages, gets killed by Ganondorf/Ganon?

There is no necessary backtracking in the Spirit Temple. You can get through the desert without the Eye of Truth, it's just hard.

And Christ, you never played the classic Zeldas? Away with you! Get gone from here, ere your education is complete!