‘Squid Game’ season 3 to premiere on June 27. Image: Courtesy of Netflix Korea

“Squid Game” wraps up with the release of its final season this Friday, closing out a franchise that redefined global streaming hits when it debuted in 2021.

Season 1 saw cash-strapped players fight to the death in twisted children’s games, with Gi-hun (Lee Jung-jae) emerging as the lone survivor. Instead of escaping with his prize of 45.6 billion won ($33 million), he returns in Season 2 to end the games, only to be captured by masked guards before he can succeed.

As the third season approaches, here’s a breakdown of what to expect, based on teasers and key spoilers already circulating.

One of the biggest threads heading into the finale is whether Gi-hun can finally put an end to the Squid Games — the deadly games orchestrated for the entertainment of the ultra-wealthy.

A scene from “Squid Game Season 3.” Image: Courtesy of Netflix Korea

According to creator Hwang Dong-hyuk, this season is designed to challenge viewers with philosophical questions.

“In today’s capitalist society, where excessive competition and the constant stimulation of human desire lead to feelings of frustration and defeat, can we, as humans, create a better future?” Hwang said during a June 9 press conference. “Can we offer the next generation a more sustainable world?”

Whether Gi-hun can break the cycle and forge a new path, or be consumed by the very system he’s trying to destroy, will be at the heart of the finale.

Fans can also expect a fresh lineup of high-stakes children’s games.

Past seasons featured Korean staples such as the dalgona candy challenge and the titular Squid Game. Season 3 trailers tease even grander set pieces, such as a maze-like arena where contestants seem to face off head-to-head, and a massive jump rope led by the returning Young-hee and her newly revealed male counterpart, Chul-soo.

Killer doll Young-hee is seen holding a giant jumping rope in “Squid Game” season 3. Image: Netflix via The Korea Herald

Observant fans speculate that new games might include monkey bars, chess, or Korea’s traditional yut game, based on background artwork spotted on the dormitory walls, echoing the hidden clues from the first season.

Another storyline to watch involves Jun-hee, a pregnant contestant who miraculously made it to the final stretch. The teaser for the new season ended with the chilling sound of a baby’s cry, prompting theories about whether she gives birth mid-game, and what it could mean if new life enters a competition to the death.

Then there’s the game master Frontman, played by Lee Byung-hun. In the second season, he infiltrates the game in disguise, ostensibly to test Gi-hun, before ultimately crushing the rebellion and revealing his true identity. Despite this, the character has shown flickers of empathy, and the actor has teased a complex arc involving his conflicting loyalties.

Will Frontman stay loyal to the system or help bring it down? Whether he doubles down or flips sides remains in play.

Lee Byung-hun in a scene from “Squid Game” season 2. Image: Courtesy of Netflix Korea

Thanks to a now-infamous behind-the-scenes leak, fans are also watching for a possible return of Squid Game participant Kyung-seok (Lee Jin-uk), believed to be dead after being shot by Park Gyu-young’s character in Season 2.