Squid Game season 3 ending explained: Who wins, does Player 456 survive, and that LA cameo

Squid Game S3 Lee Jung-jae as Seong Gi-hun in Squid Game S3 Cr. No Ju-han/Netflix © 2025
Squid Game S3 Lee Jung-jae as Seong Gi-hun in Squid Game S3 Cr. No Ju-han/Netflix © 2025

Wow. What a wild ride! Squid Game season 3 is now streaming on Netflix, and I honestly still don't have the words to convey all of my feelings for what happened. The whole season was crazy, and the finale brought with it even more heartbreak. We were expecting it, but that doesn't mean it still didn't hurt. So how does it all end? Check out our Squid Game season 3 ending explained. SPOILERS BELOW.

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Squid Game S3 (L to R) Kang Ae-sim as Geum-ja, Jo Yu-ri as Jun-hee in Squid Game S3 Cr. No Ju-han/Netflix © 2025

Does Player 456 survive and who wins the final Squid Game?: By the time we reach the finale, there's only three players left - Gi-hun (Player 456), Myung-gi (Player 333), and the baby who is now Player 222. When it comes down to it, there really aren't many options. Apparently, Myung-gi is willing to sacrifice his own child to win the money. He's almost successful but Gi-hun is able to stop him. As the two fight, they fall over the edge of Sky Squid Game. Player 333 isn't able to hold on to 456's jacket any longer and falls to his death. Unfortunately, neither of them pressed the start button which means now it's between Gi-hun and the baby. Of course he's not going to let that little baby die, and so he sacrifices himself with his last words addressed to the VIPs: "We are not horses. We are humans. Humans are..." He never finishes his sentence as he falls, making the baby the winner.

What happens to Jun-hee's baby?: Detective Hwang Jun-ho eventually makes it onto the island, but it's too late. Everyone is gone, the games are over, and the evacuation plan has been set in place since he called the Coast guard. The Front Man goes and picks up the baby, and comes face to face with his brother what seems like one more time. Jun-ho isn't able to get an answer out of him, asking why he's doing all that he's doing. I think this is just who the Front Man is now, and there's no turning back. Though at the end, with a six-month time jump, the Front Man delivers the baby to Jun-ho with her total winnings. Then, he has another loose end to tie up.

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Lee Byung-hun as Front man in Squid Game season 3

What is the Front Man doing in Los Angeles, and what does that surprise cameo mean?: The Front Man travels to LA and it turns out he's the one who took Gi-hun's remaining money from the motel. He goes to his daughter to tell her that her father has passed away and to give her some of his belongings. It's 456's suit from the games, as well as a card for her to access the money. He didn't need to do this, but I guess there's a small shred of humanity left in him. However, the games are not over. A surprise cameo from award-winning actress Cate Blanchett surprises us as she's a recruiter, playing Ddakji with an oblivious man who doesn't know what he's about to sign up for.

The message of the series is clear. No matter how hard we try, bad things will continue to happen in this world because not all humans are the same. We need to change as a society but until that happens, bad things will continue to happen too. The cameo also alludes to the fact that the rumored American Squid Game version is in the works at Netflix. Is the Front Man going to be a part of it though? Now that one of his islands is blown up and the Coast Guard was called, will he move operations to the U.S.?

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Squid Game S2 Lee Jin-uk as Park Gyung-seok in Squid Game S2 Cr. No Ju-han/Netflix © 2024

What happens to Player 246 and No-eul?: Gyeong-seok (Player 246) is doing very well, and thankfully so is his daughter. She's healthy once again, and No-eul pays him a visit. He doesn't know who she is, having been wearing the pink guard mask the whole time. But it's a nice full circle moment after everything. No-eul also gets a call that her daughter might not be dead after all, and may have been spotted in China. It's not known if that's true, but she decides to travel there to find out. Another full circle moment happened when Sae-byeok's brother from season 1 is finally reunited with his mother who had been stuck in North Korea. And as a side note, Mr. Choi is out of prison after being there for six months for breaking into Captain Park's home. He doesn't know what he's going to do exactly now, though he does want to renovate and open up the motel Gi-hun had purchased.

Squid Game season 3 is now streaming on Netflix. Check out a list of all the season's recaps, here.

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