The Ending of 'Squid Game,' Explained

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How the show set up a possible second season.

follows a deadly Game, where players compete through several rounds of children's games for the chance to win a 45.6 billion won prize . Eliminated players are summarily executed, in a brutal show that takes place in complete secret in present-day Korea. As we watch the players, including, and North Korean refugee Sae-byeok, we also gradually see the machinations behind the Game, which turns bloody violence into entertainment.

Eventually, Gi-hun gets the upper hand, and has Sang-woo pinned to the ground, knife in hand. But, as mad as he is, he doesn't kill his former friend. Instead he heads over to the finish line, with an attendant ready to shoot Sang-woo once he wins. Gi-hun realizes that, and opts to stop the game and give up the money instead of letting Sang-woo die. However, in his last moment, Sang-woo stabs himself, letting Gi-hun collect the prize money, and asks Gi-hun to help his mother.

Fast forward to a year later, and an unkempt, bearded Gi-hun is riding the subway. At a meeting with a banking executive, we learn that he's barely spent any of the prize money, which has been sitting on that debit card. We don't get much of an explanation why, but we do see him ask the bank exec for 10,000 won , which spends on a beer and flowers from a street vendor. It seems to be a decision made out of grief, and the trauma he hasn't processed from the game yet.

Even on his deathbed, Il-nam summoned Gi-hun to play another game. He points out the hi-rise window to a man on the street, whose passed out drunk in the snow. He opines on whether anyone would help the man, revealing his true nature by calling him a"disgusting, stinking drunk, little piece of trash." Meanwhile, Gi-hun is obviously furious, asking Il-nam why he got to live and no one else.

 

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