We discuss the implications of the significant excesses in the diphoton final
state observed by the LHC experiments ATLAS and CMS around a diphoton invariant
mass of 750 GeV. The interpretation of the excess as a spin-zero s-channel resonance implies
model-independent lower bounds on both its branching ratio and its coupling to photons,
which stringently constrain dynamical models. We consider both the case where the
excess is described by a narrow and a broad resonance. We also obtain model-independent
constraints on the allowed couplings and branching fractions to final states other than
diphotons, by including the interplay with 8 TeV searches. These results can guide attempts
to construct viable dynamical models of the resonance. Turning to specific models,
our findings suggest that the anomaly cannot be accounted for by the presence of only an
additional singlet or doublet spin-zero field and the Standard Model degrees of freedom; this
includes all two-Higgs-doublet models. Likewise, heavy scalars in the MSSM cannot explain
the excess if stability of the electroweak vacuum is required, at least in a leading-order analysis.
If we assume that the resonance is broad we find that it is challenging to find a weakly
coupled explanation. However, we provide an existence proof in the form of a model with
vectorlike quarks with large electric charge that is perturbative up to the 100 TeV scale.
For the narrow-resonance case a similar model can be perturbative up to high scales also
with smaller charges. We also find that, in their simplest form, dilaton models cannot
explain the size of the excess. Some implications for flavor physics are briefly discussed