Who will win the Squid Game Season 2 games?

This message contains major spoilers for “Squid Game” season 2.

The first season of The Squid Game ends on a rather decisive note. Gi Hoon (Lee Jung Jae), who won the title game in Pyrrhic Victory, decided to stay and defy the barbaric notion of pitting struggling, desperate people against each other. The death of his friends weighs heavily on Gi Hoon, paving the way for his return as a member of The Squid Game Season 2, in which he is willing to go through hell one more time just to try to eradicate this vicious cycle. Gone is the cheerful naivete that Gi Hoon displayed in Season 1: he’s now jaded but determined, taking a more alert, pragmatic approach to the games. However, is it enough for him to win games a second time? Will another player emerge victorious as Gi-hoon’s arc comes to a tragic end?

To quickly answer this question: no one this time, Squid Games wins, as Episode 7 — the final entry in Season 2 of the show — ends on a huge cliffhanger. The catalyst that drives events to this conclusion is a vote that decides whether or not players can leave and split the prize money accumulated prior to each round of play, provided players X/EXIT with a majority vote. These votes are a new addition to the games, and we see the contestants vote after each game is completed, but in episode 7, a fight with the victims in the bathroom results in players on both sides being reduced. Since O/STAY and X/LEAVE voters lose 3 and 2 players respectively, this triggers a re-vote the next day with the tacit expectation that those voting X/LEAVE will win, assuming no one switches sides. However, on the eve of the voting night, hell breaks loose.

Gi Hoon warns his allies that the O/STAY players will try to attack and kill the X/LEAVE group after the blackout in order to stay and continue playing the games. He is right, because the guards are quietly ordered to prepare for a “special game” that is to unfold at night. Player 001, revealed to be none other than the Main Man (Lee Byung-hoon) in Episode 3, also anticipates this move and works alongside Gi-hoon to lead the rebellion. How does this change the intended outcome of the games?

Not all participants join Gi-hoon’s rebellion, but those who do — e.g Jung-bae/Player 390 (Lee Seo-hwan) and Gyeong-seok/Player 246 (Lee Jin-uk) will end up paying a heavy price. After overpowering some guards and taking their weapons, Gi Hoon and his team move on to the mysterious compound where the games are being held. In the end, Gi Hoon and Jung Bae were pinned down by gunfire in the hallway.

The revolution ends in complete failure as the Front, now back in his usual black mask and suit, arrives with extra security. After killing Jung Bae/Player 390, Frontman captured Gi Hoon for his attempts to disrupt the games. The screen fades to black and we can see a quick, extremely cryptic post-credits scene that may hint at a brand new game.

Players played just three games before the uprising — Red Light, Green Light, Six-Legged Pentathlon, and Mingle. There were, of course, many more games, but the rebellion began before we got to them. This means that no one has won the game at this point. But there is could be the winner of The Squid Game Season 3, which the creator of the series, Hwang Dong-hyeok, wrote one continuous story along with season 2. This could also explain why this season only has seven episodes and ends with a ton of unresolved questions/arcs, allowing the next final season to dive right into the aftermath. It is very likely that the surviving players will continue to play the remaining games in Season 3.

Back to the surviving players, it’s important to note that Player 120 (Park Sung-hoon) was last seen hiding among the crowd armed with a loaded weapon as new guards arrive to quell the rebellion. Although Geum-ja/Player 149 (Kang Ae-shim) prevents her from making a rash move against the guards, she ends up hiding the weapon or surrendering it, depending on what happens.

Moreover, will the rest of the players, except for Gi Hoon, be allowed to vote the next day as originally planned, with the heavily reduced O/STAY and X/LEAVE players fighting for the win? Will Gi Hoon continue his quest to shut down the games now that he is an angry man who has more reasons for revenge? Whether or not he wins the game in Season 3, his will to break such a vicious cycle of corruption and injustice must prevail. Until then, we’ll have to play a tense waiting game.

The Squid Game Season 2 is now streaming on Netflix. Season 3 is due sometime in 2025.