Squid Game Season 2 Ending Explained: Key Twists & Theories

Spoiler Alert: This article contains major spoilers for "Squid Game" Season 2.

"Squid Game" Season 2 ends with a suspenseful cliffhanger that changes everything for Seong Gi-hun and leaves fans buzzing with theories. The finale sees Gi-hun trying to expose and dismantle the deadly competition. His plan includes gathering allies to start a rebellion within the games. However, this effort is betrayed from within when Player 001 (who had appeared to be an ally) is revealed as the mastermind, the Front Man. The betrayal devastates Gi-hun as his close friend, Jung-bae (Player 390), is executed in front of him.

The ending as a whole sets up critical questions for the next season. Gi-hun, left shattered and alone after the rebellion’s failure, must decide whether he will continue his fight or succumb to despair. Viewers speculate that Season 3 could involve contestants facing head-to-head challenges based on betrayal, trust, or even forming alliances to take down figures like the Front Man.

The post-credits scene adds an ominous twist. A new doll named Cheol-su, the "boyfriend" of Young-hee (from the iconic "Red Light, Green Light" game), is introduced. Cheol-su’s arrival has sparked fan speculation about its role in the games. Some believe the inclusion of both Cheol-su and Young-hee hints at a Jack and Jill-themed challenge. This theory suggests contestants might need to work in pairs to navigate a dangerous game, testing their ability to trust and coordinate under extreme pressure.

Others speculate the dolls could take center stage in a more complex, emotionally taxing game where contestants must rely on or betray their partners to survive. This shift would align with the psychological tactics the series has increasingly embraced, moving beyond pure physical survival into emotional manipulation.

The dolls’ symbolic presence also has fans wondering if their roles go beyond individual games. Could they represent a shift in how the organizers control and test contestants? If the games are moving toward partner-based challenges, this would not only make survival harder but also create opportunities for more betrayals, forcing contestants into impossible decisions.

Season 2 ends with more than a few loose threads. The betrayal by the Front Man, the tragic death of Jung-bae, and the introduction of Cheol-su leave fans eagerly anticipating Season 3. With new challenges and higher stakes on the horizon, the games are far from over.

Fans won’t have to wait too long for answers. Squid Game Season 3 is confirmed to release in 2025.