Squid Game season 2 ending explained: Mid-credits scene teases shock return

Of course, it didn't work out that way for Gi-hun, who was so traumatised and disgusted by what he saw in his Squid Game that he re-entered the terrifying tournament in search of revenge.

Alas, that proves more difficult than he could have anticipated, with screenwriter Hwang Dong-hyuk sprinkling a number of jaw-dropping surprises into these seven episodes that derail Gi-hun's schemes at every turn.

The Squid Game season 2 ending is the final gut-punch for viewers, while it also packs a chilling mid-credits scene that teases a surprise return for one of the show's most iconic figures.

Read on for the spoiler-filled details.

Squid Game season 2 ending explained: Who dies in the finale?

Squid Game season 2 ends on a sad note as Gi-hun's longtime friend Jung-bae (Lee Seo-hwan) is killed by The Front Man before his very eyes.

The devastating twist occurs after a revolt plotted by Gi-hun, Jung-bae and their allies, which starts as they play dead during the clean-up from the so-called "special game" i.e. a bloodthirsty brawl in the shared sleeping area.

As the armed Squid Game soldiers come over to scan their tags, the sly rebels commence their ambush, disarming them and attacking with lethal force. Little do they know that The Front Man, aka Player 001, is in their own ranks.

Guided by the sole surviving guard, the players begin to make their way through the confusing compound, getting stuck in multiple shoot-outs along the way as the Squid Game goons are ordered to protect the inner circle.

Nevertheless, Gi-hun and Jung-bae do manage to gradually make their way into the backstage area, getting agonisingly close to the control room before everything falls apart.

You see, the rebels have a very limited supply of ammunition, which is bad news as most of them are untrained shooters, meaning a lot of those bullets are going to waste.

Realising that each of the guards have extra rounds stashed in their jumpsuits, they ask (supposed) ex-marine Dae-ho to return to their sleeping quarters and retrieve the supplies.

Alas, while the player has proven himself to be kind and loyal, the extreme stress of the situation seems to have broken him as he becomes panicked and hysterical, failing to deliver the much-needed supplies.

Hyun-ju eventually follows to make sure he's alright and finds Dae-ho cowering in his bunk. It raises questions over whether he is actually an ex-marine (as he has claimed), who would surely be used to high-pressure situations.

The shooting continues elsewhere in the compound, with 001 (the disguised Front Man) bringing two other players as reinforcements for Gi-hun and Jung-bae, who are stuck in a stalemate with a gang of Squid Game soldiers.

Under the pretence of helping his friends, Player 001 leads the two unnamed rebels through the compound corridors to outflank their enemies, but sadly, it's at this point that he finally reverts to his treacherous ways.

Shooting the other two players in the back, 001 (real name In-ho) fakes his death over the walkie-talkie connection with Gi-hun, before switching channels and ordering the remaining soldiers to take back control of the facility.

Out of ammunition, it isn't long before the rebel players are overwhelmed and "eliminated". Player 246 aka Gyeong-seok, who had entered the game to fund medical care for his seriously ill daughter, is among those gunned down.

The episode ends with In-ho approaching Gi-hun in his Front Man mask and attire, concealing his true identity, to ask whether he enjoyed "playing the hero".

The consequences for his rebellion are dire, with In-ho proceeding to execute Jung-bae right in front of Gi-hun, who is left in a state of utter anguish and defeat.

Meanwhile, back in the sleeping quarters, Geum-ja convinces Hyun-ju not to fight back against the soldiers restoring order, telling her that it isn't worth giving her life to a lost cause.

Squid Game season 2 mid-credits scene: What does it mean for season 3?

Squid Game season 2 ends with a mid-credits scene that teases the return of Red Light, Green Light's robot schoolgirl, which is now positioned opposite a similarly designed robot schoolboy.

This very brief clip is probably taken directly from a season 3 episode, as it appears to depict the beginning of a new game, with players 096, 100 and 353 entering a large room where the two eerie dolls are situated.

This new iteration of Red Light, Green Light may be staged in response to Gi-hun's savvy manipulation of the first, in which he helped an unusually large number of people over the finish line by directing the group's movements.

This included getting shorter players to hide behind taller ones, as he noticed that the schoolgirl robot could not identify movement so long as it was occurring behind something or someone else.

Now though, with another robot placed on the opposite end of the chamber, this strategy will be unworkable – making the game more deadly than ever before.

Expect to see this revised version of Red Light, Green Light in Squid Game season 3, which is likely to be released in 2025.

Squid Game seasons 1-2 are available to stream on Netflix. Season 3 coming soon.

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