Published on: 02 May, 2025
Since the debut of Squid Game in 2021, it has taken the world by storm, becoming one of the most popular series on Netflix. The deadly survival game, dark social themes, and shocking moments left viewers longing for Season 2, which deepened the mystery behind the illusive organization and left us with more questions than answers. Now, with Season 3 officially in the works, fans have been spinning wild theories! Will Seong Gi-hun (Player 456) finally take down the organization? Will Hwang Jun-ho (the missing cop) return? Do the VIPs have something even more massive planned? Who knows? The groundwork has been laid for fans to develop crazy theories that could come to the surface at any time.
Before we really get into the wild fan theories, we need to clarify a little fact from fiction. Netflix and the show's creator, Hwang Dong-hyuk, were not willing to divulge much about specific plot points, but there are still a few very interesting confirmed facts and very solid hints that give us a glimpse into what may be in store for Season 3.
Netflix didn't waste any time in announcing the development of Squid Game Season 3 following the massive success of Season 2. The announcement of the renewal came with a small teaser, and fans all over the world went into total theory mode. According to Hwang Dong-hyuk, the series creator, he has been writing both Season 2 and 3 together in order to create continuity and richer storytelling.
This time around, he is no longer a passive desperate player because Lee Jung-jae is back as Seong Gi-hun. At the end of the second season, he was no longer boarding his flight to the U.S.; in fact, he already bent his will to take down the Squid Game organization. His small but powerful decision indicates a major character evolution, after which fans can expect Gi-hun to take on a more strategic rebellious role in the upcoming season.
Hwang In-ho, known as the Front Man and introduced by Lee Byung-hun, is arguably the most mysterious character alive among the rest in the show. After shooting his own brother, Officer Hwang Jun-ho, in Season 1, his character became much more complicated in Season 2. The Front Man, it has been assured, will play an important role in Season 3. Still, he may also suffer some deep conflict between his loyalty to the organization and guilt over his past.
During the second season of the Squid Games, this television series made it clear that South Korea is not the only place where such games exist. The whole idea of an international Squid Games was fairly subtly hinted at, especially when the VIPs start talking about "the Korean edition" as if that already implies there are others. It means that in Season 3, we might just witness the whole world participating in this deadly network-and-the perhaps even get to see other country's versions of the game.
Netflix may not be precise on an actual release date, but insiders are giving late 2025 as a more believable estimate. Given the show's nature of production, casting schedules, and post-production requirements, fans should expect a long wait yet again for a show with prior seasons known to be worth it.
One of the highlights of Squid Game Season 2 was Gi-hun deciding against getting on a plane to go to the U.S. instead to go after the people behind the games. The fans theorize that Gi-hun will go undercover and infiltrate the organization instead of taking them down from the outside. Some people even think that he may have to be the next Front Man, pretending to run the games while actually implementing tactics to sabotage it.
After all, this is pretty much exactly what Hwang In-ho, the previous Front Man, did when he was a winner turned front man and had high ranks in the deadly tournament he originally won. Will Gi-hun actually be okay with becoming part of and infiltrating the system he despises, just to able to destroy it from the inside? If he does, it could produce even more psychological turmoil for another potential Season 3.
Assuming Hwang Jun-ho, the police officer who infiltrated the game in Season 1, was shot and fell off a cliff, there has still been no official confirmation that the person is dead since we never saw a body. Thus, the line in the TV thriller books is "nobody means no death!
Fans are well convinced Jun-ho is very much alive and is bound to give everyone a big surprise in Season 3. Reportedly, the only person who shot him was his brother-the Front Man (Hwang In-ho)-but in aiming for the shoulder instead of the heart, he could well have wanted him to live.
Will Jun-ho return to chase the games? Will he and Gi-hun join forces to undermine the organization from two fronts? His survival could change all that for Squid Game Season 3.
According to Season 2, Squid Game is a global underground organization conducting similar deadly undercutting competitions.
What if Season 3 takes us outside Korea and examines the Squid Games in other countries?
This theory stands to reason with the business expansion idea of Netflix, and the worldwide perspective might bring a new level of suspense and danger.
A small appearance in Season 1 introduced the masked VIPs who are betting on the games. But who really are they?
Many fans speculate that these rich and powerful elites are not mere spectators but truly pull strings to orchestrate events in favour of Squid Game. The theories argue:
Now that Gi-hun is trying to expose the organization, Season 3 may finally give us the truth behind these nefarious hues.
The mysterious recruiter, played by Gong Yoo, was last seen in Season 2 trying to recruit a new contestant in broad daylight. But what if he's more than just a recruiter?
Fans speculate that:
His presence in Season 3 is almost guaranteed, but whether he's a friend or foe remains to be seen.
The challenges have gotten tougher with each passing season, with all-new degrees of brutality and complexity being tested and administered. Some expect Season 3 to feature:
Just envision a game in which contestants vote on who is to die next or one in which previous winners are pitted against one another. Season 3 may take cruelty to an altogether new level.
Hwang In-ho, otherwise known as the Front Man, has remained loyal to the Squid Game organization thus far. However, cracks of his loyalty began to show during Season 2.
His loyalty is set on thin ice, and Season 3 would be the perfect opportunity for him to finally break.
It is known that every season brings up a new antagonist. Thus, speculation has already begun among the fans that Season 3 might feature a new presence even more terrifying than the Front Man.
Some possible contenders include:
This villain could be far more ruthless, strategic, and manipulative, making Squid Games go beyond this monstrous levels of terror.
No doubt happy endings are rare in the world of Squid Games.
There is a fear among fans that:
You might also likes: Selena Green Vargas: What We Know and What’s Still a Mystery
Squid Game has quietly continued its plot, shocking viewers with twists and reveals with psychological depth and social commentary. Season 3 looks to be going darker, more intense, and crazier than ever before.
The revenge quest of Gi-hun, the mystery of the VIPs, and a more possible new set of deadlier games make it impossible for Squid Game Season 3 not to keep us at the edge of our seats.
What do you say? Which of these fan speculations do you think has merit? Or do you have predictions of your own? Comment below!