Following the release of Squid Game Season 2, attention has now turned to Season 3, with numerous fan theories surfacing about the third and final chapter of the hit Netflix series.
After all, we won’t have to wait another three years for new episodes to drop, as Squid Game Season 3 is heading to the streaming service in 2025 (and Netflix may have already revealed the exact date).
Until then, we’ve seen numerous fan theories come to the fore, from speculation about the Front Man’s real intentions to the ‘milk theory’ (which we’ve since debunked). But one group we seemingly don’t have to think about is the VIPs.
The mask-wearing pervs who bet huge sums of money on the players for their own entertainment appeared at the end of the first chapter but were nowhere to be seen in Season 2… at least, that’s what we thought.
Is Player 100 a VIP in Squid Game?
Im Jeong-dae, aka Player 100 (Song Young-chang), proved to be one of the most hated of the group in Squid Game Season 2, and there may be a reason, according to a new fan theory: he’s secretly a VIP.
Firstly, he exhibits the characteristics you’d expect in a VIP: he’s arrogant, driven by money, and short-tempered. Throughout the competition, he leads the players who vote to stay in the game, constantly fighting his position: to keep playing and win the most money.
What’s more, it’s clear that he is used to dealing with huge sums of cash. In Episode 5, after the Six-Legged Pentathlon, another vote is held. Although Front Man, disguised as Player 001, insists that they must stop the games or else they’ll die, Player 100 has other ideas.
“What do you think we can do with a mere 70 million won?” he says. “I don’t know how much you owe, but for most people here, that doesn’t even cover 10% of their debt.”
To put things in perspective, the actual prize pot after that game was just over 78 million won per player, which equates to nearly $54,000 – which for many would be a life-changing sum.
Player 100 also reveals that he’s 10 billion won (nearly $7m) in debt. No ordinary person would be in this much debt, which suggests he may be on the level of wealth as the VIPs.
Chul-su enters the chat. Season 3 Coming 2025. pic.twitter.com/Xmjjd95VGO
— Squid Game (@squidgame) January 2, 2025
But if this is the case, why would he join the games and risk death? According to ST Concepts, there are two potential answers within the fan theory.
The first is that he bet huge sums of money as a VIP, which resulted in his significant debt. With no other options, he decided to take part in the competition.
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The second is that he is simply participating for his own amusement, which explains his confidence: he knows he isn’t going to die.
Suspicions were only raised further when Squid Game Season 2’s post-credits scene showed Player 100, only highlighting his significance further.
If this theory turns out to be true, it would uncover even deeper layers of corruption and manipulation, and would raise the stakes even further for Gi-hun’s battle against the Squid Game bosses.
We know the VIPs will be Season 3, but we’ll have to wait to find out if Player 100 is one of them.
VIP player theory sparks mixed reactions
For viewers at home, opinion is split about the theory. Some support the idea, with one writing on TikTok, “I think there are all the VIPs inside the game.” Another said, “VIP 1 and Player 100 sported identical hairstyles.”
A third added, “Now it makes sense why they didn’t show any scenes of the VIPs; they were playing.”
However, others aren’t backing the idea. “He’s 10 billion won in debt, quite frankly he’s not important enough or rich enough to even spectate the game,” said one. Another commented, “You don’t need to be a VIP to be a shady businessman.”
And then there are those who believe that a VIP is in the game – it’s just not Player 100. As said by one Redditor, Park Min-su, aka Player 125, in Squid Game Season 2 is played by an actor named Lee David.
Meanwhile, the actor who portrayed VIP 3 in the first chapter is named David Lee. “They kind of look similar, so I thought it was the same person but I’m not sure,” they added. “Maybe two different people with the same name?”
While this is a compelling argument, the comments section has sparked a lively debate. On the one side, viewers are convinced that they are the same actors, but on the other, the fans say it’s been debunked.
Of course, we can’t know for sure until Squid Game Season 3 drops. You can read our predictions for the upcoming chapter, the alleged true story behind the show, and the reason Thanos speaks English.
