In a recent, tantalizing interview, Squid Game season 3, the final installment, is expected to drop on Netflix on June 27, 2025. Still trapped in the games for the second time, Gi-hun (Lee Jung-jae) will likely continue to attempt to end the entire operation, spearheaded by the Front Man/In-ho (Lee Byung-hun), who Gi-hun was unaware was posing as a player for most of season 2.

Jung-jae and Byung-hun, along with series creator Hwang Dong-hyuk, sat down for a Netflix special where they reviewed some theories submitted for their consideration by fans (via what games will be played in Squid Game 3. Check out the creator and actors' comments below:

Byung-hun: [Reading fan theory] In season 1, you can find out the games by looking at the walls. Looking at the walls in season 2, I'm guessing they'll be Monkey Bars, Human Chess, and Yunnori.

Hwang: In season 1, we drew the games on the walls, and as people were eliminated, you could get hints about the next game by looking at the walls. That was an Easter egg I hid. But I would never do the exact same thing in season 2. Frankly, the drawings on the walls have nothing to do with the games. I don't reuse devices like that. [Lee Jung-jae laughs]. I can tell you that for sure.

Byung-hun: Here's number two. [Reading] The game with Chul-su and Young-hee is definitely Open the East Gate. You can see the top of people’s heads lined up on the tracks. In front of Young-hee is the sunset, and behind her appears to be night, which applies to the lyrics of the song that go, "The gate closes at midnight." [Stops reading] We hadn't thought of that ourselves, but the fans came up with it.

Hwang: Fans are especially enthusiastic about what the games will be.

Lee Jung-jae: I'm guessing the age group of the person who wrote this is…I'm guessing they're on the older side. How about watching the next season to find out?

Hwang: You can find out shortly. It's coming soon.

Theories about secret familial relationships are often popular with mysterious stories, and some fans have speculated that Il-nam (O Yeong-su), the creator of the Games in Squid Game, could be the father of Gi-hun or In-ho, whose fathers are both unseen so far in the series. Check out the comments:

Hwang: [Reading] Young-il [In-ho's allias] is Il-nam's son. In season 1, Gi-hun mentions that he's lactose intolerant, and Il-nam says the same. In season 2, Young-il gives his milk to Jun-hee [Jo Yu-ri], saying he can't drink plain milk. [Stops reading] So both Gi-hun and Young-il are his sons? Does that make them brothers?

Byung-hun: I have no idea.

Hwang: Do you have different mothers? Were you supposed to be half-brothers?[…]

Byung-hun: A lot of people were saying that…that Young-il is Il-nam's son. I even asked the director when we were shooting because I wasn't sure. I think he told me that it's part of the many devices surrounding the Front Man that are designed to provoke people.

Hwang: Two people being lactose intolerant doesn't always mean they are related. A lot of people are that way.

However, possibly the most widely discussed potential outcome of Squid Game 3 is the theory that Gi-hun will become the new Front Man. When they got to this theory, this is what the trio said:

Hwang: [Reading] Player 456 [Gi-hun] will win the game and become the Front Man.

Byung-hun: I've heard that a lot too. Even before season 2 was released I heard a lot of fans saying this. I actually know what happens. I won't tell [all laugh].

Jung-jae: Is it human nature to want to be the Front Man once you win the game?

Hwang: I'm not sure. After the second win he would have about 90 billion won. And that's tax-free. Would he still really want to be the Front Man?

Jung-jae: Even after winning all that money, is it human nature to seek power, to end up like the Front Man? Why does everyone think that will happen?

Hwang: In-ho won the game and became the Front Man. So Gi-hun might also be corrupted in the process and follow in In-ho’s footsteps. Maybe that's what people think will happen.

The group kept fans on the edge of their seats, finishing with these comments:

Byung-hun: One of the theories today was half-right and half-wrong.

Hwang: Some of them were partially right. Squid Game season 3 will be even more powerful and unpredictable.

What This Means For Squid Game Season 3

Squid Game Season 3 Is Going To Surprise Us At Every Turn, Even If We Were Right

Of course, the actors and showrunner dance around some of the questions here, as is typical when a fan straight-up asks them for the show's biggest spoiler. However, as they indicate that bits and pieces of these fan theories are correct, we have a clearer picture of what Squid Game season 3 will look like. Fans have probably figured out what at least a few of the games will be, and the ideological conflict between Gi-hun and In-ho will be a huge part of the story, whether that ends with Gi-hun becoming the new Front Man or not.

The familial connection theory seems unlikely, as it would make several characters, including In-ho's canonical brother Jun-ho (Win Ha-joon) and too many other people related to each other. However, the thematic throughlines between arcs that fuel these theories are important. Hwang insists that the series will still be "unpredictable," meaning that parts of these theories will probably come to fruition, but in different ways than what fans expect.

Our Take On Squid Game Season 3's Theories Being Partially Right

Seeing Gi-hun Confront In-ho Will Be Thrilling

It will be satisfying to see some of our guesses about the direction the games take be correct, but I think everyone is most interested in Gi-hun's ultimate fate. Jung-jae seems to find it somewhat baffling that people are so committed to this theory, but still hints at the continued exploration of "human nature" in the final season, which may mean Gi-hun will go down a darker path. I think the resolution to the next Front Man theory of Squid Game is going to be astounding and will shock everyone, though I can't say exactly how.

Source: Netflix K-Content