‘Squid Game’ Final Season Ending Explained: What’s Next?

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The final season of Squid Game has dropped, answering many burning questions from the past while raising new mysteries. One major surprise was Cate Blanchett’s cameo, which hints at new beginnings beyond South Korea.

What Happened to Gi Hun?

Gi Hun sacrifices himself to save Jun Hee’s baby. His powerful last words, “We are not horses. We are humans,” reinforce the show’s commentary on human value. Though his story ends, it leaves room for more.

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The Front Man’s Fate

In Ho, the Front Man, is alive and escapes the island with Jun Hee’s baby. He later delivers a box to Gi Hun’s daughter in LA and is seen observing Cate Blanchett, who plays the new Salesman.

Who Survived the Final Games?

Very few survived. Most key players died early, including Hyun Ju. By the end, only Minggyu, Jun Hee’s baby, and Gi Hun were left—until Gi Hun’s death. In Ho and the baby remain.

Did Gi Hun and the Front Man Meet?

Yes. In Ho joined the game in Season 2 and finally met Gi Hun in the last season. Though presumed dead, he later revealed his identity and true motives.

Who Was the Mastermind?

Oh Il Nam, the original creator, is dead. In Ho took over and ran the games until Gi Hun’s death. The island was destroyed, but Blanchett’s character teases a new version in the U.S.

Hidden Easter Eggs

Phrases like “Today it’s me, tomorrow it will be you” and “Beware of people, idiot” hint at deeper themes and foreshadow key betrayals. The phrase “safety first” adds a layer of irony to the game’s cruelty.

Did Authorities Find the Game?

Detective Jun Ho failed to expose the operation. Though he escaped with Jun Hee’s baby and the prize money, In Ho destroyed the island and vanished, covering his tracks.

What Happened to the VIPs?

The masked VIPs escaped without consequences. They were last seen enjoying the chaos, highlighting the cruel social hierarchy at play.

Is a Spin-Off Coming?

While the creators call this the final chapter, Cate Blanchett’s appearance opens the door to a U.S.-based version. The fate of characters like In Ho and No-Eul also remains unresolved.