Squid Game season finale: 5 Mind-blowing theories that could change everything

As the final episode approaches, here are five fan-driven theories buzzing online that could explain how it all ends.

As Squid Game gears up for its much-awaited season finale, fans across the globe are bracing for shocking twists, betrayals, and possibly, closure. With its brutal social commentary, layered characters, and suspenseful games, Squid Game Season 2 has proven just as intense as the first — if not more. As the final episode approaches, here are five fan-driven theories buzzing online that could explain how it all ends.

1. Gi-hun’s Master Plan

Gi-hun’s transformation from a victim to a silent strategist could reach its peak in the finale. Many believe he's infiltrated the game not just to stop it, but to destroy it from the inside. Could he finally dismantle the organization?

2. The Return of the Front Man

The mysterious Front Man, last seen grappling with his own morality, may have a redemption arc in the finale. Some fans think he might turn against the VIPs and help the players — including his own brother, if alive.

3. A Hidden Player Still in the Game

Is there a wildcard contestant still hiding in plain sight? Some theories suggest a previously eliminated character faked their death or switched identities and could re-emerge to change the game’s outcome.

4. The VIPs’ Origin Reveal

We’ve seen the VIPs’ twisted pleasure, but what if the finale reveals who they really are? One theory suggests they were former winners of the game — showing how the trauma of winning turns survivors into monsters.

5. The Game Never Ends

A chilling possibility: what if no one wins? If the game restarts endlessly with new players, the cycle of desperation and violence continues — highlighting the series’ darkest message.

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When and Where to Watch

The Squid Game Season 2 finale premieres globally on Netflix on June 27, 2025. Viewers can stream it in over 190 countries.

The Squid Game Season 2 finale features powerful performances by Lee Jung-jae as Seong Gi-hun, Wi Ha-joon as Hwang Jun-ho, Lee Byung-hun as Front Man and Gong Yoo in his enigmatic recruiter role. Expect high-stakes confrontations and emotional payoffs as their arcs collide in the series’ most intense and anticipated episode yet.