This article contains spoilers for the first and second seasons of "Squid Game."

“Every game comes to an end,” says the recently revealed trailer for Netflix’s hit survival series “Squid Game” (2021-).

But will this one?


The third installment of the global hit series is set to premiere on June 27 — now less than three weeks away.

Netflix has so far released two official trailers, a number of teaser stills and posters. It also recently held a press conference, hinting at tighter plots, more convincing characters and thrilling games in the upcoming season. Creator Hwang Dong-hyuk said Monday that the third season "stayed true to what 'Squid Game' is all about" — and promised that its episodes will "clear up" all unresolved mysteries.

The second season, released on Dec. 26, 2024, concluded with Gi-hun (Lee Jung-jae) trying to take down the game from within. But his plan fails, as he walks straight into the Front Man (Lee Byung-hun), leading to the death of his childhood friend Jung-bae (Lee Seo-hwan) right before his eyes. Meanwhile, the players who did not join Gi-hun’s rebellion remain in the dormitory, including Min-su (Lee David) — one of the more vulnerable contestants — who loses his only ally, Se-mi (Won Ji-an), at the hands of Thanos (T.O.P) and is relentlessly bullied throughout the competition. Gi-hun’s life seemed to hang in the balance amid the chaos, but — as the trailer confirms — he obviously survives to the next season.

Still, many questions remain: Why does the Front Man leave Gi-hun alive? Is Min-su really the vulnerable player he appears to be? And will Hollywood star Leonardo DiCaprio really make an appearance?

The Korea JoongAng Daily has compiled a list of unresolved cliffhangers for viewers gearing up for the final chapter of “Squid Game.”

Why hasn't the Front Man killed Gi-hun yet?

One of the central threads running through the show is the growing conflict between Gi-hun and the Front Man, the overseer of the deadly game. Though he plays a pivotal role in orchestrating the game, little has been revealed about his identity and his motives.

Why, for instance, does he show Gi-hun mercy — and why did he help him survive so many deadly games last season — when eliminating him would seem a wiser move?

Some fans theorize that the decision relates to his past. We learned in the first season that he once donated a kidney to his younger brother (Wi Ha-jun), highlighting that he has, at least at some point, had a propensity to do good deeds.

Actor Lee Byung-hun, however, remained tight-lipped about this theory in Monday's press conference, saying only that the Front Man is “making his own plan against Gi-hun” and that the finale will feature a “full-scale” conflict between the two.

Howdid the Front Man end up with his job?

There's very little we currently know about the Front Man. But one question, in particular, really has fans buzzing: Why is he running this deadly competition?

Here's what we've been told about this guy so far: Before becoming the Front Man, he was a highly respected police officer. But he borrowed money from an old business acquaintance to cover medical bills for his sick, pregnant wife, an act which was later deemed a bribe and resulted in his firing. His wife and child later died. He also won the “Squid Game” game in 2015, almost a decade before the second season takes place, as player No. 132. That's pretty much it.

One popular fan theory speculates that Oh Il-nam (Oh Yeong-su), who appeared in the first season, is the Front Man's father, citing that neither drinks milk. Hwang dismissed that idea in a popular YouTube video, stating that many people are lactose intolerant.

Other fans believe the answer lies in the fact that the Front Man's brother and wife, as well as the daughter of Season 2 character Park Gyeong-seok (Lee Jin-uk), all need transplants. With the game also having been linked an organ black market in Season 1, some wonder if this is related to the Front Man’s true purpose — or if he's part of a larger hidden system.

Is Min-su a VIP?

The creator has confirmed that the VIPs, animal-masked spectators who watch and bet on the brutal battle, will appear in the third season in a YouTube video published May 24.

While not much is known about any particular VIP's story, one theory has gained traction: that the perpetually bullied Min-su is one of them.


The speculation started when the name David Lee, Lee David’s name in western order, was credited as VIP3 in the first season.

Netflix’s official cast information, which guides viewers around the cast and characters of the show, denies this theory. Still, fans continue to speculate, and the theory was even highlighted in a global video.

The creator has never directly denied this claim, stating “The VIPs actually make an appearance in season three. You can watch season three to see if Min-su, Lee David, is one of them.”

There’s also been a rumor that Hollywood star Leonardo DiCaprio will appear as a VIP, fueled further after a U.S. version of the show, helmed by David Fincher, was confirmed to be in production. Although the director denied the rumors multiple times, fans seem not to have given up on that hope.


Is Player No. 214 really dead?

In the first poster to confirm the release date of the final season, a contestant wearing the number 214 and a Pink Guard with a circle symbol on their mask are pictured.

Eagle-eyed fans pointed out that Player No. 214 had already died in the second season, during which she had white hair. But the player 214 on the poster has black hair, suggesting someone else could be wearing those clothes.

Some guess that someone in disguise — perhaps a VIP — is posing as player 214 and could die in her place.

We’ll have to watch the new season to find out whether this mystery will be revealed or if, though unlikely, Netflix made a mistake.

Which new games are coming?

A major draw of “Squid Game” is its brutal reinterpretation of childhood games.

The recent trailer teased fans, showing characters holding a jump rope, a player's feet getting caught on the rope while jumping on a narrow, elevated trail and game where players appear to be divided into two teams in a maze with one team seeking the other.

The director didn't elaborate, only hinting that the games are all based on games children play in Korea.

“I’ve seen viewers guessing games like tag, hide-and-seek or cops and robbers, but there will be a new game introduced that incorporates elements from all of those,” Hwang said.

“All the games will be based on the games we used to play as kids, but reimagined with a twist,” Hwang added. “There’s also a final hidden game that doesn’t appear in the trailer.”

Will there be a Squid Game Season 4?

Many believe that Gi-hun will, once again, become the final winner since he is the protagonist.

The trailer even shows him meeting the Front Man in person, wearing a tuxedo, as he did when he became one of the final contestants in the previous competition.

This would align with Hwang's stated purpose and message.

“I wanted to pose the question of whether, in a late capitalist society marked by excessive competition, the constant stimulation of human desire, and the many side effects, such as frustration and a sense of defeat, people can still create a better future,” Hwang said.

At its core, the conflict between Gi-hun and the Front Man centers on whether it’s right to believe in humanity and its nature, as both the director and actor have expressed.

So it seems likely that Gi-hun will end up as the final player — but knowing “Squid Game,” there may be a twist that surprises viewers.

What message the finale will ultimately deliver, and how it will bring closure to this four-year journey, is something viewers can look forward to.

The creator has, however, strongly denied any plans for a fourth season, saying of the upcoming third, “Once you see it, you’ll probably think, ‘There’s really no need to make anything more.’”

But he has left the door open for other “Squid Game” spinoffs, so fans may still have something to hope for.


BY KIM JI-YE [kim.jiye@joongang.co.kr]