Squid Game Season 3: Theories Surround Return of Key Characters

SEOUL, South Korea — As fans eagerly await the premiere of “Squid Game” Season 3, speculation around character arcs and unresolved plot threads continues to mount. Set to debut on June 27, 2025, the new season aims to tie up longstanding mysteries surrounding protagonist Seong Gi-hun, portrayed by Lee Jung-jae, and the controversial return of several fan-favorite characters.

In the second season, many viewers questioned the absence of vital characters—particularly Player 001, Oh Il-nam, played by O Yeong-su, and The Front Man, Lee Byung-hun, who previously held a significant role in Season 1. The introduction of these pivotal figures is expected to unveil connections to various fan theories.

One prominent theory suggests a familial link between The Front Man and Oh Il-nam, rooted in a seemingly innocuous detail concerning milk. In Season 1, Oh Il-nam mentioned his son was lactose intolerant, and in Season 2, The Front Man gave up milk during a conversation. Such subtle hints have led to speculation about deeper connections within the series’ power dynamics.

Another theory gaining traction hinges on Player 100, Im Jeong-dae, played by Song Young-chang. Jeong-dae’s staggering debt of 10 billion won (approximately $7.5 million) raises questions about his background. Some fans speculate he might actually be a former VIP, having lost his fortune through gambling. This narrative could provide context to Jeong-dae’s determination and emotional detachment as he navigates the deadly competition.

“What are you looking at? Do you think it’s easy to get loans that large?” Jeong-dae exclaimed in one scene, further hinting he isn’t from a background of poverty. His appearance appeared to suggest affluence among the contestants. According to ScreenRant, Jeong-dae’s keen gameplay has sparked rumors about a potential return of the VIPs, who have largely vanished since Season 2.

“The violence in the games doesn’t seem to faze him, which fuels speculation that he may have been watching them before joining,” a commentary from ScreenRant indicated.

As the narrative unfolds, the reunion of the VIPs is significant for discovering the true stakes behind the games. Anticipation builds for their reappearance as fans hope to see how their return could address many lingering questions, including their motivations and connections to main characters.

The creators of “Squid Game” have always encouraged viewer engagement through complex character backstories and moral dilemmas. Discussions about how Gi-hun’s actions following his previous rebellion will shape his future remain front and center. Some fans surmise he may become a new Front Man, mirroring the past aspirations of incumbents who rose to the top through cruel choices.

With themes of wealth disparity and ethical turmoil prevailing throughout the series, indications of a wider international presence of the games could also be at play. Look for potential references to global Squid Games that enhance the series’ world-building and expanding narratives.

The upcoming season promises to address unresolved storylines, deliver shocking revelations, and expose the darkness within players’ histories. With a wealth of theories and expectations, “Squid Game” Season 3 is shaping to be the most thrilling chapter yet—heralding the end of an era with dramatic revelations and immersive storytelling.