If you’re a Netflix subscriber, you’ve almost certainly tuned into Squid Game, as the show has rapidly grown to be one of the streamer’s most successful endeavors of all time. Since premiering in 2021, the series has captivated audiences everywhere, won a number of Primetime Emmy Awards, and garnered massive critical acclaim for its inventive story and prescient themes. On June 27, the third and final season of Squid Game finally arrived on the Netflix library, closing the chapter on a few of our favorite characters.

Whether you’ve been a hardcore fan from the very beginning, or you’ve just completed a binge watch of the entire show for the first time, now seems like as good a time as any to examine the story, characters and themes of Squid Game, and dissect the show’s explosive conclusion.

Why did ‘Squid Game’ season two end like that?

Though the inaugural season of Squid Game offered an open-ended conclusion, the show was never originally designed to have multiple seasons. Series creator Hwang Dong-hyuk has been quite open about his process, and revealed that he was shocked to see the series receiving so much international success. In a push to get additional material completed quickly, Dong-hyuk was asked to write seasons two and three in tandem with one another, allowing Netflix to split them into more digestible releases. This explains why season two ended on such a massive cliffhanger.

Season three of Squid Game picks up on the cliffhanger, following Seong Gi-hun’s unsuccessful attempt at a coup. Having won the Squid Games in the first season, Gi-hun has made it his mission to dismantle them from the inside. Unfortunately, his cohorts were outmanned, outgunned and outclassed by the guards, resulting in a slaughter that left most of the rebels dead or severely injured. Having lost his allies, Gi-hun returns to the game, where he attacks those that refused to help him. Likewise, Gi-hun is shunned by his peers, who consider the senseless deaths to be his fault.

As this is going on, we also cut back and forth between a pair of subplots which were established in season two. Gi-hun’s partners, Jun-Ho and Woo-seok, continue searching for the island using drone technology, after they were double crossed by the ship captain that was supposed to bring them to the Squid Game facility. Meanwhile, North Korean defector turned pink guard No-eul threatens to expose an organ harvesting operation headed by the other guards. She murders the doctor responsible for the operations, and attempts to escape alongside a player whom she recognizes from back home in the DPRK.

Why did 001 create the Squid Game?

All the way back in season one, we were introduced to player 001, also known as Oh Il-nam. This frail, wide-eyed elderly player seemingly had no fear of death, and remained exceptionally open to a friendship with the protagonist of the series. It wasn’t until the end of the season that we learned Oh Il-nam’s true nature, however, as it turns out he was the original inventor of the Squid Games. When asked why he created the games, Il-nam confesses that he simply wanted to create a gladiator style trial to impress and entertain his wealthy friends all over the world. His secondary goal, in his own words, was to test the morals of the players and the viewing public alike. This explanation never gets much deeper, though we do come to learn more about the VIPs and the frontman in Squid Game season three.

After Il-nam steps down from his hosting duties, and begins participating in the games, a man by the name of Hwang In-ho takes over as the frontman. This man is a previous Squid Game champion, and the brother of Gi-hun’s associate, detective Hwang Jun-ho. As season three of Squid Game progresses, it becomes clearer and clearer that In-ho has become disillusioned by the entire game. At one point, In-ho reveals himself to Gi-hun, and gives him a knife before instructing him to take out the other players when their guard is down. Gi-hun briefly considers attacking his captor, though In-ho ultimately persuades him not to by revealing just how expendable he is to the higher-ups of the game. This is the first major hint that the Squid Game is much bigger than Gi-hun knows, and more influential than Il-nam could ever have imagined.

Why are the VIPs so evil?

Unlike Il-nam and In-ho, the VIPs of the Squid Game seem to have absolutely no moral ambiguity whatsoever. In fact, when they arrive at the facility in season three episode three, they demand the option of personally dealing the killing blows to injured or disqualified players, just because they take pleasure in watching desperate poor people die. When a woman gives birth in the midst of one of the games, the VIPs decide not only to keep the game going uninterrupted, but to induct the literal newborn into the ranks as a player. This seems to be fundamentally at odds with Il-nam’s initial vision, though nobody seems to care. To make matters worse, the woman finds herself trapped in an unsurvivable predicament during the following game, and entrusts her baby to Gi-hun before sacrificing herself.

As the game is paired down to fewer and fewer players, some amoral contestants begin plotting to kill the baby. Gi-hun also becomes a target as the child’s de facto guardian. Luckily, the former champion is able to defend himself from these attacks, even when other players surreptitiously approach him under the guise of sharing his burden. In the final game, known as “sky squid,” players must compete to be the last man standing atop a platform, by pushing each other to their deaths. As Gi-hun’s opponents continue dropping like flies, he comes to learn that the baby’s father is also a player in the game, by the name of Lee Myung-gi. In the final episode of Squid Game, only Myung-gi, Gi-hun, and the baby remain, forcing the two men to make some difficult decisions about their morality.

Who wins the games in season three?

Shockingly, Myung-gi plots to take possession of his child so that he can hurl her off the platform and declare himself the winner. After a brief skirmish with Gi-hun, he accidentally falls to his death, leaving our protagonist alone with the child. Gi-hun laments that sacrificing himself would mean leaving the baby in the care of the VIPs and game leaders, and even doubts that they’d honor their end of the deal by offering the baby the prize money. Still, he can’t bring himself to take the big seat, and ultimately decides to leap from the platform to his death. This sacrifice shocks the VIPs, and inspires In-ho, the frontman, to officially turn his back on the Squid Games once and for all. As the baby is crowned winner, In-ho activates a self destruct sequence, which incinerates the entire island.

Before the island goes up in flames, Noe-eul manages to put a stop to the organ trafficking operation, and erases all records of the games’ previous players. Jun-ho never manages to connect with his long-lost brother, though he does successfully evade capture, and takes out a number of guards along the way. Noe-eul and Jun-ho narrowly escape from the island as it explodes, and see national guard ships along the horizon.

Six months later, we learn that the frontman saved himself and the baby before the island could explode. Honoring his word, he ensures that the child is set up to get her inheritance, and leaves her with his brother. No-eul plans a trip to China, in search of her lost daughter, content with the knowledge that the organ trafficking business has been dealt a major blow. After making sure the baby is safe, In-ho travels to the United States to meet with Gi-hun’s daughter. He gives her a pink and black box not unlike the coffins used for deceased players, containing her father’s belongings, and the access cards to his money. Just when it seems like the Squid Games have concluded once and for all, In-ho notices an American recruiter playing ddakji with a man in an alley, signaling that the VIPs have expanded the franchise all across the globe.

Will there be a fourth season of ‘Squid Game’?

Though it seems clear that the story of Squid Game is open ended, there are currently no plans for a fourth season. Series creator Hwang Dong-hyuk has confirmed that season three is the end of the original show, though additional spin-offs and sequel projects have already been greenlit. This means that future installments will offer a continuation of the story, without necessarily focusing on the characters and settings we’ve become familiar with over the last four years. This is further signaled within the narrative, as Kate Blanchett appears in the role of the American recruiter. Current reports suggest that auteur filmmaker David Fincher is on pace to adapt the series for an American audience, though there’s no concrete proof of that just yet. Fincher and Blanchett have collaborated on films in the past, so it wouldn’t be farfetched to assume that we’ll be seeing this recruiter again.

Frequently Asked Questions

Is Squid Game based on a true story?

Though some of the themes and situations in Squid Game may seem all too real, the series is not actually based on a true story. Hwang Dong-hyuk has made it clear that the inspiration for the show stems from his personal view of class disparity in South Korea, as well as his own financial difficulties throughout his life. Obviously, the show highlights some of the core difficulties that poor and middle class families face in the modern era, which have been exacerbated by the political climate of the last several decades.

Why was Squid Game rejected for 10 years?

Hardcore fans of the series may already know that the original script for Squid Game was completed all the way back in 2009. At the time, Dong-hyuk was still a burgeoning filmmaker with plenty to prove. He had great difficulty getting producers lined up for the project, and ultimately shelved it, thinking it would never be made. Over the years, Dong-hyuk attempted to pitch Squid Game several times, though most standard film and television studios deemed the project too dark, depressing and grotesque to work. Finally, Netflix agreed to host the series, and the rest is history.

How many episodes of Squid Game are there?

All in, there are a grand total of 22 episodes of Squid Game. This includes nine episodes in season one, seven in season two and only six episodes in season three. Though this represents a fairly small concentration of material, the show has captivated audiences across the globe, ironically becoming one of the most profitable critiques of unchecked capitalism in human history.