Squid Game Finale: Only Three Possible Endings, One Terrifies Fans

A new chapter is unfolding on Netflix. At 9:01 AM on Friday, June 27, 2025, the streaming giant will release season 3 of Squid Game. This season marks the series finale, concluding the saga of Gi-hun and his attempts to dismantle the deadly game from within, which he began in season 2.

As expected, fans of Netflix’s most-watched series have been crafting theories about what the final episodes hold. Heated discussions are taking place on dedicated Reddit forums, with some theories being outright dismissed. We’ve picked out three theories that seem quite plausible. Among them, there’s one that fans are particularly not fond of.

1. Gi-hun Takes Over from the Inside

One possible twist that has captured the imagination of Squid Game fans involves Gi-hun potentially becoming the new mastermind of the game. While his goal has been to obliterate the game from the inside, becoming the Front Man could be seen as a strategic move to alter the game’s rules, end it for good, and save others. This would continue his mission of infiltrating and overthrowing the system from within.

2. The Front Man Revolts

Remember, the Front Man had previously killed Gi-hun’s best friend and quashed an uprising. However, many fans theorize that he might start questioning the game’s moral corruption either through his interactions with Gi-hun or following a tragic event, leading him to ultimately rebel against the system. He might even sacrifice himself to terminate the game he oversees. This theory appeals to those who wish to see a shift in the storyline or envision a redemptive arc for this character, revealing his backstory.

3. Gi-hun Perpetuates the Game

This is a theory that isn’t well-liked, but it’s certainly feasible: the cycle continues. Gi-hun becomes the Front Man or one of the VIPs, starts a new “Squid Game”, and becomes part of the very system he has been fighting against. In this scenario, he could demand that the VIPs become participants in the game, seeking revenge, which would lead to a bitter end. The hero would become cynical, traumatized, and ultimately lose himself to the game. While this idea seems plausible, it doesn’t sit well with fans: “It would completely destroy Gi-hun’s narrative arc,” opines faultintime91 on a Reddit forum.

Other theories circulating among fans include all characters being interconnected, dying unresolved, characters presumed dead turning out to be alive, or the entire series being just a dream. If Squid Game ends in any of these ways, it might be unfavorably compared to the finale of Game of Thrones. And that wouldn’t necessarily be a compliment.