I don't follow why risk has to equate to risk of death. What about other sorts of risk that inhere in physical altercation - eg being injured, or blinded, or maimed, or . . .?Outside of the combat there may be tension associated with other aspects of the narrative, but the combat itself produces no tension as there is no risk involved. The playing out of the combat feels empty, and nothing more than "filler" and a waste of time. T
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I don't experience tension in combat, in a game where PCs can't die, as there is no inherent risk in engaging in combat.
As my posts have indicated, I also think that there can be tension-generating risks that are not inherent but rather are contextual consequences of a particular conflict - eg that if a NPC is not physically defeated or impeded in some way, then they will do <some or other bad/undesirable thing>.