This has been explained to you multiple times now by different people on various threads. I am only going to explain this once.

Definitions -

"Theory - a supposition or a system of ideas intended to explain something, especially one based on general principles independent of the thing to be explained."

"Conspiracy - a secret plan by a group to do something unlawful or harmful."

A conspiracy theory, is a theory that commonly included and "secret plots" "secret organisations" "cover ups" by a group or individual to do something harmful or illegal.

So if a theory involves for example planting the remains, faking the night photos, photoshopping the photos, faking the phone calls, a third party deleting the missing photo to cover up their actions or the Panamanian authorities covering up the crime etc. Then it would be fair to say these narratives can be classed as conspiracy theories.