Squid Game Season 3: 5 New Theories Sparking Debate Among Fans

This week, Netflix thrilled Squid Game fans by releasing a brand-new trailer for Season 3, set to arrive in June. Fans didn’t waste any time coming up with fresh theories—some more likely than others.

Just a little more patience before we see Gi-hun and the other players again in Squid Game Season 3. Only six months after Season 2, which fans had waited three years for, Netflix’s most-watched series ever is making its big comeback. On June 27, subscribers will get to watch the latest episodes of this Korean hit starring Lee Jung-jae. To keep fans excited, Netflix dropped the very first trailer for the new episodes this week. Here are the latest fan theories sparked by these new, never-before-seen scenes.

Who Will Die in Squid Game Season 3? Fans Are Placing Their Bets

It’s obvious not everything will end well in the final season of Squid Game. After Gi-hun and his allies’ failed rebellion, the deadly games are set to resume with full force. But who will be the next victims? This new trailer has fans making their guesses... and they don’t have much hope for Player 007, played by Yang Dong-geun. Why? Because the trailer shows his mother crying. Also, we know they will be separated during one of the games, as they’ll be on different teams. Online watchers also think Hyun-ju (played by Park Sung-hoon) might be on the victim list as early as the next game. Clearly, we’re not ready for that...

What’s the Next Game in Squid Game? An Intriguing Idea

After the terrifying carousel game with its catchy song, what will be next? The new footage gives clues: we see each player randomly picking either a red or blue ball, signaling two different teams. Reddit users think the game might go like this: some players receive a key (we can spot a keyhole in the set design) that they must protect. The opposing team’s goal would be to steal the key by killing the player guarding it with a knife, all within a limited time (there’s a timer visible behind Gi-hun). So, it wouldn’t be a game where the whole team gets eliminated, but rather a challenge where players face off one-on-one.

This Guard Theory Is Confirmed in the New Squid Game Trailer

Season 2 showed us behind the scenes, especially how the guards in red suits operate. We followed No-eul (Park Gyu-young), who immediately caught viewers’ attention. One popular theory after Season 2 involved Player 256 (Lee Jin-wook). Many believe that if he gets shot, No-eul—who knows him outside the game—will save him. This theory seems to hold up. Although Player 256 isn’t seen, at 50 seconds into the trailer, we see No-eul near a ventilation shaft leading outside. Many fans think this could be the way Player 256 escapes to freedom.

Jun-hee Will Die in Squid Game—but Not in a Game

Since her arrival in Season 2, viewers have wondered if Squid Game would go as far as to kill Jun-hee, Player 222 played by Jo Yu-ri, who is pregnant. We may have gotten a hint from a hidden sound clue at the end of the trailer: a baby crying can be heard. This suggests Jun-hee might give birth during the competition. Some fans are convinced she will die while giving birth.

Gi-hun Will Become the Next Game Master

What fate awaits Gi-hun in the final episodes? Will he sacrifice himself to save an ally or, on the contrary, take a much darker path? One fan points to an early scene in the trailer showing Gi-hun’s body being carried in a coffin. Notably, the coffin is carried along the dividing line between two groups—those wanting to keep the games going and those wanting to end them. For this imaginative fan, this signals that instead of choosing a side, Gi-hun will become the next game master himself. We’re a bit skeptical, but who knows…