New York: Season 3 of Squid Game just flipped the script again—this time fusing psychological warfare with superhero-scale moral dilemmas. Netflix dropped more clues than answers, but one thing is clear: Lee Byung-hun’s Front Man and Lee Jung-jae’s Seong Gi-hun are no longer the only players that matter. A new, mysterious figure—Cheol—has emerged, and fans are spiraling down Reddit threads comparing him to Thanos. Seriously.
With the Squid Games USA tease, a deeper global narrative, and one of the most cryptic finales to date, fans are asking: Is Squid Game over? Let’s break down the ending, the cast changes, and that one jaw-dropping clue that may explain it all.
(For a complete rundown of who returns, who dies, and what happens next, check out our full Squid Game Season 3 cast and ending breakdown.)
Lee Byung-hun and Lee Jung-jae Return — But Not for Long?
Both powerhouses reprise their roles with brooding intensity. Lee Byung-hun’s “Front Man” is colder, darker, and more conflicted than ever—perhaps signaling a betrayal from within. Meanwhile, Lee Jung-jae’s Gi-hun enters this season with revenge in mind, but he’s no longer a naive player. He’s becoming the architect of resistance.
Their showdown is chilling—but it’s interrupted. By Cheol.
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Who Is Cheol in Squid Game 3? The Internet Thinks He’s the Real Villain
Forget Player 246 and the pink-suited guards. All eyes are on Cheol, the quiet strategist who emerges as the mastermind behind the mastermind. Though barely seen, he pulls strings from the shadows—his presence more felt than seen, like a cold whisper through the game halls.
Fans are calling Cheol the “Thanos of Squid Game” for his obsession with justice through sacrifice. His monologue about restoring “natural justice through chosen suffering” sparked immediate MCU comparisons. Is he trying to dismantle the game… or evolve it?
Is Squid Game Over or Just Beginning?
The final scene doesn’t offer closure—it offers escalation. We see Gi-hun boarding a private jet to the US, flipping a red invitation card. Squid Games USA appears to be real. The question isn’t “Is it over?”—it’s “How far will it go?”
Whether you’re in it for the symbolism, survival logic, or dystopian thrill, the show just hinted at a global expansion—and potentially, a franchise war.
Squid Game Ending Explained: The Meaning Behind the Mask
The masks are no longer just for anonymity. In a scene eerily echoing the Marvel cinematic tone, Cheol speaks to a hall of elite bidders while holding a child’s mask in his hand—“A face is a choice,” he says, “but what you hide behind it is your true currency.”
This emotional gut-punch is what makes Squid Game resonate with people. It’s no longer just about who dies—it’s about what we’re willing to survive for.
Who Played Player 246 and Why It Matters
Player 246 wasn’t a main character—but his decisions acted like a mirror. A Twitch-streaming dropout turned participant, his background reflects a different kind of generational struggle: the choice to suffer visibly rather than invisibly. That small arc gave us a massive clue about Cheol’s selection process: visibility equals vulnerability.
Expect more characters like this in Squid Games USA.
(Curious how Player 456’s fate unravels or what each episode reveals about the game’s evolution? Don’t miss this full Squid Game Season 3 ending guide.)
Squid Games Cast Is Evolving—Here’s What’s Next
New faces, new fears. Alongside returning legends, Season 3 teases globally diverse players, hinting at an interconnected network of games. Cheol might not be the villain we fear—but the global system he built? That’s where the horror lies.
And just like that, Squid Game stops being a Korean survival drama and becomes a global morality thriller.
Is This the Endgame?
Season 3 is not a finale. It’s a fork in the road. With Cheol’s ideology gaining momentum, Gi-hun’s revenge arc sharpening, and the games spreading across continents, Squid Game may be heading into MCU-like territory.
So no—Squid Game isn’t over. It’s only just begun.
(Editor’s Note: This article includes verified plot points from Netflix Tudum and interpretive insights based on fan theories and narrative analysis. Symbolic comparisons (like the “Thanos Squid Game” analogy) are editorial interpretations and not official canon unless stated by the show creators.)
