Game-Changing Squid Game Theories on VIPs That Could Transform Season 3

With the much-anticipated release of Squid Game Season 2 behind us, fans are now eagerly speculating about Season 3, eagerly sharing various theories regarding this final chapter of the acclaimed Netflix series.

Fortunately for viewers, the wait for new episodes will not stretch on for three long years. Instead, Squid Game Season 3 is slated to debut on the streaming platform in 2025, with rumors hinting that Netflix may have even disclosed the specific release date.

In the meantime, fans have been actively discussing theories about the show, ranging from the Front Man’s hidden agendas to the now-debunked ‘milk theory’. Interestingly, attention has shifted back to the VIPs, the enigmatic characters who gamble enormous sums on the contestants, who were noticeably absent from Season 2.

Could Player 100 Actually Be a VIP?

Player 100 in Squid Game Season 2 — Netflix

In Squid Game Season 2, Im Jeong-dae, also known as Player 100 (played by Song Young-chang), emerged as a highly unpopular figure among viewers. A new fan theory proposes that he may actually be a VIP in disguise.

Player 100’s demeanor reflects those of the VIPs: he comes across as arrogant, motivated by financial gain, and exhibits a quick temper. Throughout the competition, he rallies other players to vote in favor of continuing the brutal game, persistently advocating for the chance to win substantial rewards.

His interaction with money is telling. During Episode 5, following the Six-Legged Pentathlon, another vote is initiated. Despite the Front Man, masquerading as Player 001, urging contestants to cease the games to avoid fatal consequences, Player 100 challenges the notion:

“What do you think we can do with a mere 70 million won? I don’t know how much you owe, but for most people here, that doesn’t even cover 10% of their debt.”

To contextualize his claim, the prize pool distributed after that game was slightly over 78 million won per contestant, approximately equating to $54,000—a life-changing sum for many.

Moreover, Player 100’s admission of being 10 billion won (nearly $7 million) in debt raises questions about his financial status. This level of debt suggests he could potentially operate within the same financial circle as the VIPs.

Chul-su enters the chat. Season 3 Coming 2025. pic.twitter.com/Xmjjd95VGO

— Squid Game (@squidgame) January 2, 2025

But if Player 100 truly is a VIP, why would he willingly enter such a perilous competition? According to ST Concepts, two hypotheses have emerged:

He could have accumulated his enormous debt through high-stakes betting as a VIP and, faced with financial ruin, opted to join the games.
Alternatively, he may be participating merely for thrill, assured of his safety, which adds to his overconfidence.

His significance is further underscored by Player 100’s appearance in the post-credits scene of Season 2, deepening the intrigue surrounding his character. Should this theory hold true, it would reveal even greater layers of distortion and machination, amplifying the tensions in Gi-hun’s fight against the masterminds behind the Squid Game.

Controversy Surrounding the VIP Theory

Player 125 in Squid Game Season 2 — Netflix

Fan reactions to this theory are notably divided. Some viewers express support, with comments like, “I think there are all the VIPs inside the game,”and others highlighting identical hairstyles between VIPs and Player 100 as a point of interest.

Conversely, skeptics argue that Player 100’s staggering debt makes it unlikely he possesses the wealth to be a VIP, with some stating, “You don’t need to be a VIP to be a shady businessman.”Additionally, there are those convinced that while a VIP is indeed playing within the games, it may not be Player 100—pointing towards Player 125 (Park Min-su) as a potential candidate based on actor similarities.

This ongoing debate among fans is indicative of the multifaceted nature of the show. Until Squid Game Season 3 finally arrives, the emerging theories and intense discussions will continue to captivate audiences. To explore more about the upcoming season, the underlying themes of the series, and unexpected narratives, stay tuned for further updates.

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