Baphomet explained by Manly Palmer Hall, 33 degree freemason (who was killed because of reasons currently unknown).

 "It should be mentioned that the knights were also accused of adoring a curious deity in the form of a monstrous head or demon in the form of a goat. This idol, named Baphomet, the goat of Mendes, has been called the secret god of the Templars. According to Levi, Baphomet should be spelled cabalistically backwards, and consists of three abbreviations: TEMP. OHP. AB, Templi omnium hominum pacis abbas (the father of the temple of universal peace among men)."

(This explaination is never explained by conspiracy theorists because of possible ignorance.)

Source :  Orders of the Quest - Manly P. Hall