10 what-if theories that could reshape everything we know about Squid Game

Squid Game shocked the world with its brutal honesty while depicting the human lust for money, levels of desperation, and the overall unpredictability of human nature. With two seasons behind us and the third one set for a June 27, 2025, release, 'what-if' fan theories are all over social media. Beyond the games and survival, theories are floating around that could change everything we think we know about the show. What if some players aren’t who they seem? What if the whole game was part of something bigger?

These fan-made “what-if” ideas are more than just fun, they might explain things that were left unanswered. In this article, we will explore 10 wild theories. For each one, we will imagine what would really happen if it were true — and how that would change the whole story.

10 what-if theories that could reshape everything we know about Squid Game

What if Seong Gi-hun is Oh Il-nam’s son?

The first theory suggests that Seong Gi-hun (Player 456) might be the son of Oh Il-nam, Player 001. This idea comes from small clues in the show, like how their birthdays are so close and how they both remember growing up in almost the same neighborhood. If this theory is true, it would add depth to the story.

It would show that the games are not just about money but also about family, and how things tend to repeat from one generation to the next. Gi-hun’s role would be even more meaningful, like he were meant to be part of the games all along. However, instead of following in his father’s footsteps, he might try to break the cycle and end the games for good.

What if the Front Man is a former winner forced into the role?

A second theory suggests that the Front Man, In-ho, was once a winner of the Squid Game who returned to oversee the games, possibly due to personal loss or coercion. If this were the case, it would shed light on his internal conflict. It would highlight the reasons behind his seemingly detached demeanor.

He might be doing things because he wants to keep things under control, actually. This would add an element of surprise to his character, actually, showing us that he is not a bad guy. He could also be someone who is hurting inside. It would feel more awful, because he may have once been a victim, too.

What if the Squid Game is a global operation?

Fans posit that the Squid Game is not limited to South Korea but is a global phenomenon. Similar games are operating in other countries that we don't know at the moment. If this were true, it would expand the scope of the series, introducing international characters and settings.

It would have raised questions about the global scale of exploitation and the universality of human desperation. This revelation could lead to a larger narrative about resistance and revolution against a worldwide corrupt system.

What if the guards are previous winners?

Another chilling theory suggests that the masked guards are actually former winners of the Squid Game. They have returned to serve as enforcers. If this were the OG case, it would illustrate the dehumanizing effects of the games.

It would have shown how survivors are transformed into perpetrators, perpetuating the cycle of violence and population control. This twist would add a layer of horror, as it would mean that the very individuals who once suffered are now complicit in the suffering of others.

What if Player 047 survived?

Some fans still believe that Player 047, who was cremated off-screen, might still be alive, and the next part can start with her. This theory hinges on the idea that her death was not conclusively shown. If she did survive, it would suggest that the games are even more brutal and manipulative than previously thought.

We thought that players are potentially being kept alive for unknown purposes, such as organ harvesting, or as part of a sinister experiment. Maybe there is something else!

What if the Squid Game is a government scheme?

And here, a darker theory proposes that the Squid Game is actually a covert government operation designed to eliminate individuals who are deemed burdens to society. Can you even imagine it?! If this were true, it would reveal a dystopian reality where the state controls life and death.

Using the greed of people, the games act as a tool for population control and economic cleansing. The idea could be brutal. This revelation would cast the entire series in a new light, transforming it from a critique of capitalist greed to an indictment.

What if the VIPs are former winners?

If the VIPs, who watch the games for entertainment, were theorized to be former game winners who have returned in a new role, it could add a new twist to the series. If this theory were true, it would highlight the corrupting influence of power and wealth.

Showing how those who escape the games are not free, they are still a part of the brutal system. This twist would add a layer of irony to the show, as the VIPs would be both victims and perpetrators, trapped in a cycle of their own making.

What if Gi-hun returns as a guard?

Some fans imagined that Gi-hun might return to the Squid Game as a guard. Using his position to sabotage the system from within, he would help players. If this were true, from a desperate participant to a strategic insider, we could see a significant transformation in his character.

This role reversal would allow him to gather information, manipulate events, and potentially lead a rebellion, turning the tables on the organizers and offering a glimmer of hope for the other players. People would live happily after winning prizes from this deadly game.

What if Player 011 is a double agent?

A theory suggests that Guard 011, who shows signs of empathy towards the players, might be working against the system. If this were the case, it would introduce an element of internal resistance within the games. Showing that not all participants are complicit, the series could have a positive turning point.

Her actions could be subtle, like providing players with information or sabotaging equipment. Definitely, it would add a layer of suspense and intrigue as viewers would be left wondering who can be trusted.

What if the games are a form of social control?

A final theory suggests that if the Squid Game was a form of social control, designed to distract the public from larger societal issues by focusing attention on the games. If this were true, it would posit that the games are not just about entertainment or profit, but are a deliberate tool used by those in power.

The games are organized to maintain control over the population. This revelation would add a layer of political commentary to the series. It could highlight how societies can be manipulated and distracted from real problems.

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These 10 theories show just how deep Squid Game could really go. If even one of them turns out to be true in the upcoming season, it would change how we understand the story, the characters, and the meaning behind it all.

Whether it is hidden family ties, global networks, or secret plans behind the scenes, these ideas open up a bigger picture. Maybe, the real story of Squid Game is not just about the people who play, but about the world that watches. As we wait for the third season, these theories give us a lot to think about. The game is on, and the mystery is far from finished.