Squid Game 3 Finale Recap & Ending Explained: Will In-ho Continue To Be the Front Man?

So at the end, Squid Game too fell into the archive of a series that started as the next big thing but had such a horrible conclusion that in years to come people will try to deny that the final chapter even exists. That’s how bad the third season is, and the finale is just the rotten cherry on top of that, which ruins the already bitter experience. Anyway, previously Gi-hun, Jun-hee’s kid, and Myung-gi remained as the only survivors of the second round of the final game, and the series finale revolved around the events of the final round and its aftermath. Jun-ho and No-eul’s arc also concludes dreadfully, to say the least, to absolutely no one’s surprise. On top of all this, a spin-off of the main series is hinted at the end in the form of Squid Game USA. As is always the case with these streaming networks, cashing in on franchise continuation is more important than delivering a proper ending.

The previous episode ends with Jun-ho and Kim coming across Gyeong-seok and almost thinking of him as another enforcer until he clears things up by mentioning he was actually fleeing from the island. Jun-ho uses the scanner Gyeong-seok had with him to learn that he is a player who is trying to escape, and Gyeong-seok directs him to the island. Jun-ho asks his merc buddy Kim to stay with Gyeong-seok and inform the coast guards, while he decides to go to the island alone to confront his brother. The Front Man is notified of a possible interference while VIPs remain fixated on the final game.

Spoilers Ahead

Gi-hun Sacrifices Himself

The third round of the fifth game begins, and the bridge to the third and final pillar is extended. Myung-gi moves to the pillar and, taking the pole from the platform, asks Gi-hun to hand over the baby as his intentions of winning by any means necessary become crystal clear. Gi-hun obviously refuses to comply and move to the third platform, the VIPs get restless, and the players are given five minutes to reach the third platform before the bridge collapses. Gi-hun offers to help Myung-gi as he states he wants to be the final one to be eliminated in the third round in order to ensure the child’s survival, like he promised to Jun-hee. Myung-gi doesn’t believe that Gi-hun made it to the final round just to sacrifice it all to save the child of a random contestant he met, and with time running out, Gi-hun agrees to hand over the baby to Myung-gi. Gi-hun’s move was calculated, as he knew that without triggering the start button, Myung-gi wouldn’t be able to kill the child like he intended to, and just as the extended bridge starts retreating after the five-minute countdown, Gi-hun jumps to the third platform with his knife in his hand. The duo clash, and on one occasion, Myung-gi threatens Gi-hun by dangling the baby over the edge of the platform. 

Following another bout of scuffle, both Gi-hun and Myung-gi fall off of the platform. Gi-hun is seen to have grabbed an iron bar, and for what it’s worth, he tries to save Myung-gi, who is seen holding on to Gi-hun’s coat. However, Gi-hun fails, and Myung-gi falls to his death, and I don’t think any one of the viewers actually cared about the least interesting character to have made it to the final round. All this happened without activating the start button, which means now either one of Gi-hun or Jun-hee’s babies needs to be eliminated in the final round, or else both of them will be killed. 

The Front Man watches intently, and as Gi-hun activates the button, the VIPs assume he will eliminate the child to win the Squid Game for a second time in a row. However, Gi-hun kisses the child, puts it back on the platform, and turns directly towards the area from where Front Man and the VIPs are watching over the entire ordeal. Gi-hun’s final words convey the significance of human life, which cannot be gambled—and to prove his point that his faith in humanity has not been maligned like it happened with In-ho, he sacrifices his life by jumping off of the platform and falls to his death. The first time Gi-hun entered the game as an underdog, experiences he had as the winner of the game sent him on a mission to end this merciless, dehumanizing game, only to realize the futility of his rebellion by losing the people who put their trust in him. Gi-hun went on a dark path in the third season, completely shutting himself off until he found a purpose in his life in saving Jun-hee’s child. The child is a representation of Gi-hun’s retribution and also of a pure, untainted essence of humanity, which inspires hope for a better future. Gi-hun was able to save one life, rectified his mistake of killing his friend Cho Sang-woo, and his journey came full circle. Jun-hee’s child is the winner of this iteration of the Squid Game. 

 No-eul is inspired by Gi-hun’s act

Meanwhile, No-eul burns Gyeong-seok’s files at the record room, ensuring he and his family never get on the radar of the game organizers ever again. She decides to fetch her own file from the records kept on the enforcers and is devastated after the documents reveal her daughter, whom she so desperately searched for through these years, has passed away. Burning her file, a crestfallen No-eul decides to take her own life by shooting herself when, on the office monitor, she sees the final contender, Gi-hun, sacrificing his life to save a child. His act of self-sacrifice moves No-eul, and she decides to give life a second chance. With the news of coast guards approaching, the Front Man orders an emergency evacuation, activating the self-destruction protocol, which will destroy any and every trace of the gaming operations on the island. All of the enforcers board a ship, and No-eul hides herself among them to escape. 

Front Man takes one last look at Gi-hun’s lifeless remains before taking Jun-hee’s child to safety, as if he is disappointed with Gi-hun for not going through the same path he did years ago. Given how amazing of a chemistry they had in the second season, it is a shame that the third season had only a single scene of these two leads together. Jun-ho has managed to reach the VIP arena and sees Jun-ho taking the child from the third pillar platform. Jun-ho shouts at his brother, demanding an answer to the question that has baffled him all along: why did In-ho decide to do all the things he did? In-ho takes one look at his brother before disappearing using the third pillar’s hidden platform elevator. Jun-ho is able to survive the destruction of the island quite miraculously by escaping in time. 

The Aftermath

The scene shifts to six months later, when No-eul is seen to be present with Gyeong-seok, who is living as a sketch artist in the amusement park where she used to work. Gyeong-seok, unaware his customer is none other than the woman who saved his life, tries to recall where he might have met No-eul. It is revealed that his daughter, Na-yeon, is going through treatment thanks to the monetary aid offered by well-wishers and is seen to be in good health at present. Later, No-eul’s broker calls her to inform her that her daughter, Han Song-I, might have survived and is most probably living in China, and without wasting any time, she sets off on her journey to meet with her. The broker is revealed to be genuinely working to reunite families, as he brings Kang Sae-byeok’s mother to have her reunite with her son, Kang-cheol, who was thus far being raised under the care of Sang-woo’s mother. Mr. Choi is released from prison after serving six months. With the help of his assistant, he has renovated their base of operation, the pink motel. Jun-ho finds out that In-ho has entrusted him with the responsibility of taking care of Jun-hee’s child, whom he finds at his apartment, with a debit card. As Jun-ho goes to a nearby ATM machine to activate the card, he is shocked to see it granting access to an account with the prize money won by the child, 45 billion won in total. 

Will In-ho Continue to Be the Front Man?

In-ho goes to Los Angeles and approaches Gi-hun’s daughter after tracking down her address. The teenager, Seong Ga-yeong, appears unwilling to have anything to do with her father any longer, as his absence from her life has created an estrangement that cannot be mended. In-ho mentions to her about Gi-hun’s passing and hands a distraught Ga-yeong his belongings. As In-ho leaves without providing any details of her father’s final fate, Ga-yeong finds Gi-hun’s bloodied Squid Game uniform with a card—which presumably gives access to Gi-hun’s money. 

 In-ho has not left the Squid Game, and it seems the game will change its base of operation, as in an alley in LA, he sees a female recruiter engaged in a game of ddakji with a homeless man, slapping him with every lost turn. Cate Blanchett is seen playing the role of the female recruiter, and this serves as a tease to the upcoming Squid Game USA, which will premiere two years later in 2027. In-ho and the recruiter share a glance before going on with their business, and the series comes to an end. Will Gi-hun’s daughter make the same mistake as her father did and end up getting entangled in the game to avenge her father? Will Gi-hun’s sacrifice make In-ho quit his role as Front Man in the future? Will No-eul finally reunite with her long-lost daughter? And has Jun-ho’s pursuit to find and confront his brother ended at last? I think we need to wait a couple of years to get the answers to all these questions.

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