Childhood games, bright colors, fun decorations, blood, brutality, death… Yes, that’s exactly what we’re talking about: “Squid Game.” Here, the neon palette creates a stark contrast against the dark, violent scenes, heightening the tension and cruelty. The players’ green tracksuits, the guards’ pink uniforms, and the bright, childlike set design create an illusion of innocence that clashes with the show’s brutal reality. This color contrast, sometimes paired with cheerful or classical music, deepens the sense of unease and underscores the desperation that unfolds.
And it’s precisely this contrast that captivates so many people. We can’t explain it otherwise—“Squid Game” has become one of Netflix’s most-watched projects, with an impressive 152.5 million views. Indeed, the series is incredibly gripping: every minute keeps you on the edge of your seat, and the action moves so fast you can’t look away for a second.

Since Season 2, as everyone expected, ended at the most intriguing moment, and Season 3 is already on the way—rumor has it that the premiere will be in July this year—we’re left to speculate about what might happen next. Below, we’ve gathered all the theories, guesses, and rumors about the third season, so you can ponder them until July and then compare them to the show once it’s out.

❗Warning: SPOILERS AHEAD❗

⭕ How Season 2 Ended

With the help of police officer Hwang Jun-ho (Wi Ha-joon), Seong Gi-hun returned to the deadly games, aiming to tear down the system from within. The organizers introduced a new rule: at the end of each round, participants could vote to end the game, in which case the prize money would be split among all the survivors. But that only fueled the players’ greed and desperation. The potential share each player stood to receive seemed too small to pay off their massive debts.

Gi-hun tried to appeal to people’s common sense, but it was no use. He decided to take control by organizing a rebellion. He found like-minded allies ready to risk everything to overthrow the organizers. One of them was his old friend, Park Cheong-bae. During the night, the players attacked the guards and seized their weapons. However, the plan fell apart because Player 001 was, in fact, the show’s Coordinator (also known as the Front Man), who had infiltrated the game as a participant (we find this out in Episode 3 of Season 2).

At the end of Episode 7, the masked Coordinator crushes the uprising and kills Cheong-bae right in front of Gi-hun.
Despite mixed reviews from viewers and critics, the second season—just like the first—sparked a massive wave of online discussion. TikTok and Twitter were flooded with edits about rapper Thanos, the Recruiter, and other characters. Aside from the fun videos, of course, there are more serious analyses and theories about what might happen in Season 3.

⭕ The Main Character Could Become the Coordinator

We know that Lee Byung-hun’s character won the games in 2015 and, for some reason, took on the role of the Coordinator (Front Man). Initially, it seems that his involvement in Season 2 was purely to suppress the rebellion from within. However, it’s possible that his real motive was to prepare Gi-hun to become the new Front Man.

In Episode 7, Gi-hun tells Player 001 that if he tries to save everyone, it’s inevitable that some will die. At that moment, we see him start to compromise his moral principles, thinking the needs of the many outweigh the lives of a few. Maybe Gi-hun believes that by becoming the new Front Man, he can change the system from within and establish rules that allow the greatest number of people to survive. Or he might conclude that humanity is too greedy and hopeless, and these horrifying games are exactly what people deserve.

⭕ The Coordinator Is the Son of the Game’s Creator

From Season 1, we know Gi-hun cannot drink milk. Player 001, who turns out to be the game’s creator Il-nam, notices this and mentions that his son also can’t handle milk. In Season 2, the Front Man hands his milk to a pregnant player, saying he can’t digest it.

This detail has fueled a theory that the Front Man could be Il-nam’s son. We do know he’s the brother of a police officer, but we don’t really know his true parents. It’s logical to think Il-nam might entrust his legacy to the person closest to him. The contradiction is that the Front Man once participated in the games to pay for his wife’s medical bills. If his father was really wealthy and organizing the games, he probably wouldn’t have struggled financially. Well, we’ll just have to wait for Season 3 and hope for answers.

⭕ Players 125 and 100 Are VIPs

There’s a theory that Player 100 might be one of the VIPs who watched the games in Season 1. His behavior is typical of the rich and influential: arrogant, self-assured, and obsessed with massive payouts. Plus, it’s stated that he owes 10 billion won (about 7 million dollars), which might hint at his former life among the elite.
There’s also talk that Player 125 might actually be VIP #3, the one with the deer mask, from Season 1. The main “proof” is shaky: the actor who played the third VIP is named David Lee, but there’s a different David Lee on IMDb. Most likely, this is just a coincidence and these are different people with similar names. Still, fans suspect that Player 125 is hiding something major. All through Season 2, he acts very quietly, yet manages to survive longer than many other contestants.

⭕ One of the Guards Will Save a Player

In Season 2, we meet No-eul, a North Korean defector who’s one of the red-suited guards. Her main goal is to find her missing daughter. Before the games start, we see her working as an animator, forming a bond with a little girl who has a blood disease. Later, No-eul discovers that Player 246 is the father of this little girl and that he’s in the games to pay for her treatment. He joins Gi-hun’s rebellion, but a crucial moment comes when a guard corners him and pulls the trigger.

Fans suspect he may have survived. We never see his body, and the wound is unclear. One theory holds that the guard who shot him was actually No-eul. Since she’s an experienced sniper, she might have fired in such a way as not to kill him. This way, she’d save a worthy person and maintain her superiors’ trust—remember, she was forced to kill other wounded players so their organs couldn’t be harvested later. Maybe in Season 3, she’ll try to escape the island with Player 246. Even if she can’t reunite with her own daughter, at least she’ll do everything she can so another child doesn’t lose their father.

⭕ Hints of New Games in Season 2

We learned from the first season to pay attention to details: the walls of the dormitory where the participants slept displayed hints of the upcoming games. In Season 2, the creators left more clues that might point to future challenges.
In Episode 7, we see an illustration of small figures hanging in the air, holding onto triangular bars. Maybe players will have to cross a gap by moving along bars with their hands. Another hint is a chessboard, which could suggest a board-game-like challenge—perhaps Korean chess.

In the final scene after the credits, we see a boy doll facing the iconic girl doll from the first challenge. It’s unlikely the organizers will repeat “Red Light, Green Light” exactly the same way, but we might see some new twist or added difficulty.

Alternatively, if we go back to the theory that the Front Man is grooming Gi-hun to be his successor, it’s logical to assume he’ll set up a personal moral test for him. It’s possible he specifically kept Gi-hun alive so Gi-hun could decide when the music of the first game stops. In doing so, he’ll force Gi-hun to choose who, in his eyes, deserves to live and who deserves to die.