Squid Game Season 3 Episode 5 Debunks A Major VIP Theory

This post contains spoilers for "Squid Game" season 3, episode 5, "○△□."

After season 2 of "Squid Game" premiered, one of the popular theories to emerge online concerned Player 100, aka Im Jeong-dae, played by Song Young-chang. The theory goes that Player 100, a deeply annoying and cynical old man who keeps pushing for the games to continue, is actually a VIP. (The VIPs, as season 3 reminds us, are the group of horrible, rich American guests who like to bet on the games each year.)

This would mean that Player 100 knows more about the games than he's let on, and it would help explain his callous attitude towards the loss of life around him. The twist would've also fleshed out his backstory, which involves him being over eight billion won in debt; it's hard to even owe that much money in the first place unless you had a lot of it to begin with.

The popularity of this theory has less to do with realism and more to do with the thematic implications of such a twist. A former VIP showing up in the games would indicate that not even these seemingly-untouchable jerks are safe from financial instability and exploitation. Thus, revealing 100 as a former member of that group would be a major complication to the show's existing wealth commentary, which has otherwise presented the 1% as being people who are correct to assume they can do anything without consequences.

The other "Secret VIP" fan theory concerns the perpetually nervous Player 125, aka Min-su, played by Lee Da-wit. Some fans believed that he, too, would be revealed as a secret VIP and that his nervous nature would turn out to be merely an act. The theory rests on the observation that Lee Da-wit's name is similar to the unseen actor who voiced the deer-masked VIP in season 1, but that seems like a standard coincidence to me. However, now that season 3 has arrived, we know for certain whether either of these theories holds water.

As those who've already finished season 3 can attest, both Player 100 and 125 met their grisly ends without revealing any secret VIP status. Ultimately, the pair feel to their deaths in the final game, and the subsequent series finale has nothing to do with them. This might've been disappointing to any viewers who'd built up a bigger backstory for them in their heads, although I'm sure most fans were just happy to see Player 100 bite the dust.

Personally, I think it's good that "Squid Game" didn't reveal any twists involving these characters. Player 100's arc works better when you accept him as a selfish old man fixated on his pursuit of money and not some quasi-spy with a trick up his sleeve. Similarly, Player 125's tragic arc works best when you view him as a timid young man who couldn't find his courage when he needed it most. In a kinder world, 125 could've found a supportive friend group and worked on becoming more assertive and confident; here, though, he's surrounded by bad influences and constantly being thrown into situations that bring out his worst qualities.

Most importantly, the secret VIP twist wouldn't have worked because, in the end, the thematic argument "Squid Game" is making is as simple as it seemed back in season 1: Rich jerks like the VIPs are indeed supposed to be untouchable. The idea that someone as rich as these guys could fall so low as to be thrown into the games themselves is comforting, but "Squid Game" doesn't subscribe to that notion. A wealthy person could end up in the games, sure, but the reason the VIPs are so callous towards the players' suffering is because they believe, correctly it turns out, that they'll never be forced into the same financial situation.

"Squid Game" is now streaming in its entirety on Netflix.