The final season of Squid Game is almost here, and with it comes a wave of wild fan theories that could change everything we thought we knew about the series. From shocking character returns to hidden identities and dark transformations, here are the biggest Squid Game Season 3 theories that might just come true.
1. Gi-hun: The Next Front Man?
Seong Gi-hun (Lee Jung-jae), the man who barely survived the horrors of the first tournament, is rumored to be heading toward a shocking transformation. Many believe that after his rebellion failed and cost the lives of countless players, including his best friend, Park Jung-bae, Gi-hun might embrace the darkness and take over as the new Front Man.
This wouldn’t be the first time a winner became the enforcer. Hwang In-ho, the current Front Man, also started as a contestant before turning against the players. If Gi-hun follows in his footsteps, it could be the ultimate tragic twist—watching our hero become the very thing he once fought against.
2. The Return of the VIPs – And One of Them Is a Former Player?
Season 3 is bringing back the mysterious, masked VIPs, and one particularly wild theory suggests that one of them might actually be a former contestant. Enter Player 100, Im Jeong-dae.
Jeong-dae was in massive debt—10 billion won to be exact. But how did he even get a loan that big? Some fans believe he wasn’t just another desperate contestant but a disgraced former VIP who lost everything gambling on the games. If this is true, then Season 3 could reveal how some of these wealthy elites end up becoming players themselves.
3. The Front Man’s Family Secret: Could He Be Il-nam’s Son?
If there’s one thing Squid Game fans love, it’s a good hidden family connection. The biggest theory circling the fandom? The Front Man (Lee Byung-hun) might actually be the son of Oh Il-nam (O Yeong-su), the old man who secretly ran the games in Season 1.
The clue? Milk. Yes, milk. In Season 1, Il-nam told Gi-hun that his son was lactose intolerant. Then, in Season 2, the Front Man casually gave up his milk to a pregnant player, saying he doesn’t drink it. Could this tiny detail actually be foreshadowing a major reveal? If so, this family connection could shake up everything we thought we knew about the power structure of the games.
4. Global Squid Games – The Ultimate Expansion?
We’ve only seen the South Korean version of Squid Game, but what if there are other tournaments happening all over the world? Some fans believe Season 3 will hint at a massive network of deadly games taking place in different countries.
Imagine a post-credits scene showing a parallel game in the U.S., Europe, or South America. This wouldn’t just be a shocking twist—it would open the door for an entire Squid Game universe, with endless spin-offs exploring different versions of the deadly competition.
5. The Ultimate Survivor: Could a Baby Win Squid Game?
Season 2 introduced a pregnant contestant, Player 222, who fought to stay alive for her unborn child. But what if her baby ends up being the final winner?
Picture this: after a brutal final showdown, every other contestant is dead—except for the newborn. According to the twisted rules of Squid Game, the last one standing wins, meaning the prize money could go to the most unexpected champion of all time. It’s dark, heartbreaking, and exactly the kind of twist Squid Game loves.
6. The Boat Captain: A Secret Puppet Master?
One character from Season 2 that left fans suspicious was the boat captain. We learned he wasn’t as helpful as the passengers believed he was even killing one of them who found him tampering with the drone. Some believe he’s not just a worker but someone with real power in the games.
Could he be a hidden VIP? Or maybe even the true mastermind behind everything? If this theory holds up, he might play a crucial role in the final season’s biggest reveals.
7. Player 246: Dead… or Just Pretending?
Player 246 had one of the most tragic stories in Season 2—desperately trying to win for his cancer-stricken daughter. But some fans believe his story isn’t over.
A sympathetic guard, Guard 011, was seen hesitating before supposedly killing him. What if he faked 246’s death instead? If true, 246 could return in Season 3 as an undercover force working to dismantle the games from the inside.
With Squid Game Season 3 set to premiere on June 27, 2025, fans are on the edge of their seats waiting to see which of these theories might come true. Whether Gi-hun takes a dark turn, the VIPs hold shocking secrets, or we get our first glimpse at global Squid Games, one thing’s for sure—this final season is going to be the wildest one yet.
Game on!
