Warning: Contains SPOILERS for Squid Game season 2!
The VIPs are the most important group of characters in the world ofSquid Game, and thisSquid Gameseason 2 theory claims that one divisive player is secretly one of them. Despite the VIPs being prominently featured near the end ofSquid Gameseason 1, they did not appear in season 2 at all, leaving some viewers scratching their heads as to why they were absent. However, it is likely that the VIPs will make their grand returninSquid Gameseason 3after Gi-hun’s failed rebellion, and it may be revealed that a player is one of them.
UnlikeSquid Gameseason 1, which covered all six of the games,Squid Gameseason 2 only covered half of the week, with only the first three games being shown. Because of this,Squid Gameseason 2 didn’t really delve into the inner workings of those behind the competition, with it saving these reveals forSquid Gameseason 3. However,Squid Gameseason 2 did introduce an entirely new batch of characters, and while some of them died, the majority of the main cast lived throughout the end of the season, including this villainous character.

Player 100 Is A Former VIP – Squid Game Season 2 Fan Theory Explained
His Position In The World May Have Changed
ThroughoutSquid Gameseason 2, Player 100is a prominently featured antagonist, with him acting as the frontman for the group of characters who wish to stay in the games. At every turn, Player 100 is foiling Gi-hun’s plans, with him encouraging members of Team O to continue playing. Player 100 is older than the majority of the group and is in the most debt by far, which is why it is surprising that he has lasted so long. However, one theory explains this, with it positing that Player 100 is actually a former VIP.
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While an older person may struggle to survive the games for as long as Player 100 has,he may have the benefit of having watched the games for years. He also seems to know exactly what to say to influence people to stay, another attribute that could have been gained from watching the Squid Games for years. Since Player 100 is in so much debt, it would make sense that he was at one point incredibly wealthy, one of the requirements for being a VIP. Since Player 100 is still alive, his story should be far from over, andSquid Gameseason 3 could finally reveal his VIP origins.

Player 100’s Identity Twist Would Reverse The Dark Meaning Of The VIPs In Season 1
Not Even The VIPs Are Safe
The role ofthe VIPs inSquid Gameseason 1is incredibly dark, but if Player 100 is truly a former VIP, then it would completely reverse this role. InSquid Gameseason 1, the VIPs are able to watch and enjoy the games without risking anything, with them not having to worry that they will be forced to participate in the games. The VIPs gleefully watching as hundreds of people die each year makes their role inSquid Gameseem sadistic, with this being one of the main points ofSquid Gameseason 1’s social commentary.
However,the idea that a former VIP could wind up participating in the Squid Games completely flips this. If Player 100 is a former VIP, then this highlights how not even they are safe. If a VIP has a rough period and loses their wealth, it could be entirely possible that they may wind up in the carnage that they have been viewing from afar. While this would complicate the political commentary ofSquid Gameseason 3, it is an interesting idea, one that could make the VIPs a bit more fleshed out.

Player 100’s Debt Isn’t High Enough For Squid Game 2’s Fan Theory To Work
The Math Doesn’t Add Up
The one complication with this theory has to do with Player 100’s debt. According toSquid Gameseason 2, Player 100 owes 7 million won, which is far more than any of the other players. However, the VIPs are supposed to be in the top 1% of the world’s wealthiest people, and it is unlikely that Player 100’s wealth is at that level.
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The one explanation is that Player 100 had tons of wealth and simply managed to lose it all plus 7 million additional won. While this explanation may be a bit convoluted, really fleshing out Player 100’s financial past is the only way that this twist could work inSquid Gameseason 3.
Squid Game
Cast
Squid Game is a South Korean series released in 2021 that follows numerous financially struggling participants who are invited to partake in children’s games with deadly outcomes. As they compete, they vie for a substantial cash prize, all while navigating lethal challenges orchestrated by mysterious figures.