Squid Game Season 2 & 3: Hottest Fan Theories Explained

Squid Game stormed the world with its brutal games and sharp social commentary, quickly becoming a global Netflix phenomenon. The show’s first season left viewers shocked and full of questions, and with Season 2 now released and Season 3 just around the corner, fans are more obsessed than ever with theories about what’s really happening behind the masks—and what the future holds for the main characters.

What’s New in Squid Game?

Season 2, released in December 2024, delivered seven new episodes packed with tension, plot twists, and deeper dives into the series’ mysterious universe. Viewership numbers soared—over 192 million hours watched in the first week—proving that Squid Game’s hold on the audience is still strong. Now, with the announcement that Season 3 will premiere on June 27, 2025, and wrap up the story for good, anticipation has never been higher.

The Squid Game universe has even expanded beyond the original drama, including a reality competition show, “Squid Game: The Challenge,” and new international adaptations. But at the heart of it all are the core characters—and their fates are at the center of the wildest fan theories.

Gi-hun: From Survivor to Front Man?

One of the most compelling and debated theories is the idea that Seong Gi-hun (Player 456) could become the next Front Man. After barely escaping the deadly games and uncovering the twisted organization behind them, Gi-hun is shown in Season 2 wrestling with the trauma and anger left by his experience. Instead of flying to reunite with his daughter, he makes the shocking decision to turn back, suggesting he’s not done with the game yet.

Fans speculate that this path might transform Gi-hun from victim to mastermind. Could he take over as Front Man—leading the next generation of games, but possibly using his influence to undermine or change the system from within? The symbolic passing of the torch, along with hints dropped in the final scenes of Season 2, make this a theory worth watching as Season 3 approaches.

The Mystery of Detective Jun-ho and the Front Man

Detective Hwang Jun-ho was left with his fate unresolved at the end of Season 1. Shot by his own brother—who was revealed as the current Front Man—Jun-ho fell from a cliff, but his body was never shown. In the world of television, especially in a series full of fake-outs and plot twists, “no body” often means “not dead.” Many fans believe Jun-ho will return in Season 3, possibly to finally confront his brother, Hwang In-ho, and expose the truth behind the Squid Game organization.

Adding to the complexity, fans on Reddit have pieced together In-ho’s backstory, revealing that he lost his wife in 2018 and had three years post-victory to enjoy his winnings. This timeline deepens his motives for joining, and ultimately running, the games—making the anticipated brotherly showdown even more emotionally charged.

New Faces, New Themes

Season 2 introduces several new characters who have quickly become fan favorites and sparked their own discussions. Among the most notable is Cho Hyun-ju, a transgender ex-soldier participating in the games to fund gender-affirming surgery. Her presence adds a powerful new layer to the show’s social commentary, even as her casting has led to some controversy online. Still, the character’s arc has received praise for its nuance and bravery.

Another unforgettable addition is Choi Su-bong, nicknamed “Thanos,” a drug-addicted rapper whose unpredictable actions add chaos and suspense to the latest round of games. These new participants, with their unique struggles and backgrounds, reinforce Squid Game’s message about desperation, inequality, and the extremes people will go to for survival.

Will the Games Change? And What About the VIPs?

There’s growing speculation that the new games featured in Season 2 are based not just on childhood play, but on deeper Korean traditions and folklore. This adds symbolic weight and keeps even returning viewers guessing what deadly challenge will come next. With the VIPs still lurking in the background—and with more international attention on the organization than ever before—some theories suggest that the games may face outside threats, or even total collapse, in the final season.

Why These Theories Matter

Squid Game is more than a survival thriller; it’s a mirror held up to society, exploring themes of power, wealth, family, and moral compromise. The popularity of these theories reflects how invested fans are in both the characters and the show’s larger messages. Will Gi-hun become what he once hated? Will Jun-ho and In-ho’s story end in tragedy or justice? And will any of the contestants ever truly escape the game, or is everyone just a different kind of player?

What’s Next for Squid Game?

With Season 3 confirmed as the show’s last, every theory, every hint, and every unresolved storyline is up for grabs. The final episodes promise to answer burning questions—but in classic Squid Game style, they may also leave us with new mysteries to ponder. As the premiere approaches, fans can only wait and debate: Who will survive, who will fall, and who will wear the mask in the end?

Share your theories and predictions in the comments—let’s see who can outsmart the game before the final season arrives!