Squid Game fanatics have a lot to look forward to with a reality show spinoff on the horizon, Squid Game: The Challenge, and a season 2 in the works.

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What could be next for the plot of season 2 of the Emmy-winning series created by Hwang Dong-hyuk, especially if it not only gets a sophomore installment but a hypothetical season 3 down the line?

We’ve taken the time to come up with our own fan theories, as well as curating the most interesting ones we found online, about what might unfold in the follow-up to Netflix’s biggest hit of all time. Without further delay, here are our top five favorite theories about Squid Game season 2 and beyond.

The show takes a cue from James Cameron and transforms from being “Squid Game” to “Squid GameS” (with an “s”)

James Cameron pitching Aliens (1985, Colorized)

— Stephen Ford (@StephenSeanFord) May 5, 2023

There’s a famous story about how James Cameron pitched his sequel idea to 1979’s Alien to movie executives. Legend has it, that he wrote the word “Alien” on a whiteboard, added the letter “s” at the end, and then transformed the “s” into a dollar sign. With that, the executives greenlit Aliens right then and there.

Squid Game season 2 could do the same thing where it transforms into Squid Games. What would be the point of this? Well, perhaps we find out that there are more mysterious islands all around the world, with the organization’s reach being international. Thus, there isn’t just one Squid Game in South Korea, but other similar competitions held on other islands, perhaps even on an obscure Caribbean island where American contestants participate.

Seong Gi-hun’s daughter gets recruited to join Squid Game and her father has to go rescue her 

squid game gihun red hair ❤️ his serve

— charlie 🐈‍⬛⛩ COMMS OPEN📌 (@JCNITORS) October 8, 2021

Speaking of America, the ending of Squid Game season 1 saw Seong Gi-Hun (Lee Jung-jae) on the brink of boarding an airplane in order to reunite with his estranged daughter Stateside. However, at the last minute, the now red-headed protagonist decides not to go on the plane and instead turns back around and walks back toward his native country’s soil. It’s implied here he has unfinished business and likely is staying in South Korea for the time being to try and investigate and/or sabotage the organization that puts on Squid Game. 

But what if in Gi-hun’s campaign to blow the organization behind Squid Game wide open, he makes the discovery we mentioned earlier: There are multiple branches all around the world, including one in America? He then finds out the stunning truth that at America’s version of the competition, his own daughter has been recruited and is actively participating. Thus, he’s forced to go to America like he was originally intending to do, but this time to rescue his daughter from what could be death if she loses at one of the games. 

Leonardo DiCaprio joins the cast

#SquidGame creator Hwang Dong-hyuk says major Hollywood actors will likely be in S3 if it's greenlit

One actor he wants is Leonardo DiCaprio who is a 'big fan'

— ScreenTime (@screentime) September 19, 2022

If we were to introduce the idea of Squid Game being international and even see the American branch of it in season 2, this could be the perfect opportunity to introduce Leonardo DiCaprio. You see, there has long been a rumor that DiCaprio is a fan of the show and that the creators would even be interested in having him join. This could’ve easily been Squid Game creator Hwang Dong-hyuk pulling our leg. However, we can’t help but imagine the possibilities of what type of character DiCaprio could play.

Building off of our hypothetical Squid Game season 2 plot, we could easily see DiCaprio playing the Front Man for the U.S. version of the competition. That way, it could make for a sneaky reveal near the end of season 2 in which the mysterious masked figure we see throughout so many episodes was actually a world-famous star, paralleling season 1’s reveal of a similar bombshell of Lee Byung-hun playing South Korea’s Front Man. 

Granted, Hwang said DiCaprio’s hypothetical participation likely wouldn’t occur until the as-of-yet-unconfirmed season 3 since season 2 is already underway. However, maybe there would be an opportunity for just a single cameo in the very last shot of the season 2 finale to tease the story to come.

Jun-ho comes back and continues his investigation

Wi Ha-joon has been confirmed to return as Hwang Jun-ho in 'SQUID GAME' Season 2. #NetflixTudum

— AFK (@afkfromx) June 17, 2023

Speaking of the Front Man, a huge reveal of season 1 was that police investigator Hwang Jun-ho (Wi Ha-joon) uncovers his long-lost brother is actually the figurehead behind Squid Game. After Front Man reveals who he is to his brother, he shoots his cop sibling in the shoulder. Jun-ho then falls off of a cliff and we see the aftermath of what looks like something splashing into the water. However, we notably don’t actually see Jun-ho entering the water.

It’s clear from Wi Ha-joon being announced as returning for season 2 of the cast of Squid Game that his apparent death could’ve been a fakeout. Thus, we believe season 2 will show a scene that explains how he survived, such as clinging to a root jutting out from the cliff with the thing splashing in the water being nothing more than his shoe that came loose. From there, Jun-ho will continue his investigation and attempt to take down the organization behind Squid Game. Heck, maybe Jun-ho will even team up with Gi-hun, who becomes a whistleblower.  

We find out Gi-hun is Oh ll-nam’s son

#SquidGame star Oh Yeong-Su on his sudden fame

"I feel like I'm floating on air … so many people have been contacting me"

His daughter is helping him handle offers because he doesn't have an agent

📺 How Do You Play

— ScreenTime (@screentime) October 21, 2021

As fans online have already put together, there seem to be a number of subtle clues that Gi-hun is Oh Il-nam (Oh Yeong-su)’s son, as Radio Times pointed out. For one thing, we see Gi-hun’s mother in the show but not his father nor is there any mention of him. Il-nam also laughs that his son has a similar taste for chocolate milk when Gi-hun requests that from the guards. The two also discuss how the fake neighborhood in the marble game is reminiscent of both of their hometown streets. At one point, Il-nam also gives Gi-hun his jacket as a gesture of kindness so that others wouldn’t look down on him for not having one. 

Even though Il-nam died from his cancer shortly after revealing to Gi-hun that he was the one behind the creation of Squid Game after the competition ended, we could easily see these breadcrumbs followed up on in season 2. For instance, Gi-hun and Jun-ho’s continued investigation into the organization could bring this information to light, making it an ironic twist that further emphasizes the cruelty of class disparity that separates groups of people from each other, sometimes from their own family members.