Squid Game Season 3 Bringing Back The Show's Most Controversial Characters Means It Will Have To Address A Wild Fan Theory

Squid Gameseason 3 is bringing back the show's most controversial characters, and that means the Netflix series has to address a wild fan theory about them.Squid Game season 3 is confirmedfor 2025, and it will mark the show's final outing. On the heels of Squid Game season 2's ending, there's much the coming episodes must cover, from what happens to Gi-hun after his uprising to which characters survive the latest tournament. Naturally, Squid Game theories are surfacing left and right — and one posits that a controversial group of characters will have a bigger role than it seems.

Squid Game is full of great characters, many of whom are controversial at one point or another. Even Gi-hun chooses his vendetta over human life at the end of season 2, and the show's heroes all make questionable choices under the pressure of the tournament. Of course, Squid Game's villains are far more dubious. The Front Man and the Masked Men prove how detached from their humanity they are repeatedly. And there's one group that's even worse than those directly involved in the Games: the VIPs. They'll be back for Squid Game season 3, which means one theory will be addressed.

The VIPs Are Returning In Squid Game Season 3

Squid Game's Wealthy Spectators Will Make An Appearance

Squid Game VIPs in the Elevator wearing golden masks

Netflix released the first images of Squid Game season 3, which seemingly confirm that the VIPs will be back for the final episodes. The wealthy men who fund and observe the tournament are absent throughout season 2, though Gi-hun assumes that they're watching from above. Since the tournament is clearly held for their benefit, it's a safe assumption to make. And judging by Netflix's first batch of photos, they will indeed show up when the series returns. While Squid Game season 3's first photos don't show the VIPs directly, the backdrop of one image teases their inclusion.

The first image shared by Netflix shows the Front Man sitting in a room that's more colorful than the one he typically inhabits. It appears to be the location the VIPs watch the Games from, which means he'll be paying them a visit after posing as Player 001 in the Squid Game tournament. It makes sense for the VIPs to make an appearance in season 3, as they showed for the latter half of Gi-hun's first tournament — and this one is also approaching its end. The series also must address their role in the story before it comes to a close.

Is Player 100 A Former VIP? Squid Game Theory Explained

He Clearly Comes From A Wealthy Background

player 100 talking in squid game season 2

Squid Game season 3 needs to resolve the VIPs' role in the story, but their return can also address a popular fan theory. One wild Squid Game season 2 theory posits that Player 100 is one of the VIPs, which would explain the sheer amount of debt he has — and his eagerness to continue playing. While these things alone don't seem that out of place during the Games, it is interesting that season 2 makes a point of highlighting Player 100's 10 billion won debt. He tells the other players, "They don't lend that kind of money to just anyone!"

This implies that Player 100 wasn't previously in poverty and has a more interesting backstory than season 2 lets on. And this has led fans to suggest that he's a former VIP, who possibly accumulated that debt from betting on the Squid Game tournament. Even if his debt comes from elsewhere, Player 100 does fairly well in the competition, despite being older than most other players. He isn't shaken by the death and violence, and he effectively rallies those interested in continuing. This behavior could stem from years of watching the Games before actually joining them.

If Player 100 accumulated debt from betting on a previous competition, it's possible he will be revealed as a former VIP in Squid Game season 3.

Squid Game has already thrown several twists regarding players' identities our way, so this reveal wouldn't be too out there. Squid Game season 1's ending starts this trend with its Oh Il-nam reveal, and In-ho's inclusion in season 2's tournament suggests those at the top can willingly join in when it suits them. By that logic, a VIP or former VIP could enter the Squid Game tournament as well. With that in mind, it's possible Player 100 will be revealed as a former VIP in Squid Game season 3.

Squid Game Season 3 Will Need To Address The Player 100/VIP Theory

The VIPs' Reaction To This Player Will Either Confirm Or Debunk It

Even if this Squid Game theory doesn't prove true, season 3 will need to address it now that the VIPs are returning. Their presence will give fans closure about Player 100, as they'll almost certainly recognize one of their own. If they notice Player 100 is someone that used to be a VIP, their reactions will confirm viewers' suspicions. And if they don't react, that will debunk this theory once and for all. It's also possible we'll learn more about Player 100's backstory in Squid Game season 3 in general, shedding further light on his involvement.