The countdown is on. Squid Game returns for its third season on June 27, and fans are already dissecting every frame of the newly released teaser. After the jaw-dropping events of season 2, which only dropped six months ago, viewers are gearing up for what promises to be a high-stakes, emotionally charged finale. And as always, the fan theories are rolling in—ranging from plausible to absolutely bonkers. Here are five of the most talked-about ideas making waves online.
Who’s going to die next? Fans are placing bets
It’s no surprise that death predictions are at the top of the fan theory list. After all, no one gets out of Squid Game unscathed. This time, many viewers are worried about player 007, played by Yang Dong-geun. The teaser shows a tearful mother and hints at a game where players are split into opposing teams—never a good sign for family reunions. Another character with a target on his back is Hyun-ju (Park Sung-hoon), who fans suspect won’t make it past the next round. In a show where emotional attachments are basically death sentences, these predictions aren’t far-fetched.
A deadly game involving keys and knives?
One of the most intriguing shots in the trailer features players drawing red and blue balls, suggesting a team-based challenge. But Reddit sleuths think there’s more to it. According to a widely discussed theory, the new game may involve one team defending a key, while the other tries to steal it—possibly using knives, as glimpsed in a blink-and-you’ll-miss-it scene. Add a countdown timer in the background, and you’ve got a potentially brutal face-off with only one survivor per round. Not quite Red Light, Green Light… but just as cruel.
A guard might secretly save a player
Season 2 peeled back the curtain on the world of the masked guards, and one character in particular—No-eul (Park Gyu-young)—caught the attention of fans. She seemed to know more than she let on. Now, viewers are doubling down on a theory involving player 256 (Lee Jin-wook), who was previously shot. At the 50-second mark in the new teaser, No-eul is seen near a ventilation shaft, which many believe could be an escape route. Is she helping someone escape? And if so, is it someone she knows from outside the game? The mystery deepens.
Jun-hee’s tragic fate may already be sealed
Jun-hee, or player 222, made her entrance in season 2—and immediately raised eyebrows when it was revealed that she’s pregnant. But will the show really go as far as to kill off a mother-to-be? Fans think so. A subtle baby cry heard at the end of the teaser has led many to speculate that Jun-hee might give birth during the competition, and that her death may come not from the games themselves, but from childbirth. It’s a theory that would certainly dial the drama up to eleven.
Will Gi-hun become the next Game Master?
What’s next for Gi-hun? Some fans believe his arc is heading toward a dark twist. In one of the trailer’s opening shots, Gi-hun is seen being carried in a coffin—positioned directly on the line that separates those who support the game and those who want to end it. This sparked a bold theory: instead of choosing a side, Gi-hun could rise to take control of the entire operation. Becoming the next Game Master would be a chilling transformation, and while it might seem far-fetched, this is Squid Game—anything’s possible.
Whether these fan theories turn out to be prophetic or pure fiction, one thing’s for sure: season 3 is already stirring up serious buzz. With cryptic trailers, new characters, and unanswered questions galore, the stage is set for another mind-bending ride through the world of Squid Game. Just don’t get too attached to anyone… you know how that goes.
