Spoiler alert! This article contains major plot details from the Season 3 finale of ‘Squid Game’, including its surprise ending and potential spin-off setup.

‘Squid Game’, Netflix’s most-watched Korean drama, officially ended on June 27 with the release of its third and final season. But as the last episode faded out, viewers were left with a burning question: Is the game truly over, or just beginning elsewhere?

The chilling final scene revealed what many interpret as the show’s biggest hint yet at an upcoming American version of the deadly games. As the Front Man (played by Lee Byung-hun) drives through Los Angeles, he spots a familiar scene in an alley, the infamous ‘Ddakji’ game used to recruit new players. Only this time, it’s being played by a woman in a sharp suit. She turns around and locks eyes with him, it’s none other than Cate Blanchett.

The unexpected cameo has sent waves through the fanbase, with many believing this is Netflix's way of teeing up a US spin-off of the global hit. 

A finale that suggests it’s far from over

Season 3 offered no redemption for the show’s descent into relentless violence and spectacle, a critique that began with Season 2. What started in Season 1 as a sharp, anti-capitalist allegory has been increasingly buried under graphic brutality and a growing detachment from its original themes. As the story unfolded, Gi-hun (Lee Jung-jae) found himself in a gruesome final showdown, forced to choose between survival and humanity.

Trapped with a baby, Player 222, and the baby’s morally compromised father, Myung-gi (Yim Si-wan), the game demanded at least one death to proceed. Gi-hun ultimately sacrificed himself, declaring, “I am not a horse to be bet on but a human with a life,” in one last act of resistance.

But even as the island burned and the players scattered, the final message was clear: the games, and what they represent, are far from over.

Enter: Cate Blanchett

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Cate Blanchett | Photo: X

As the credits approached, the show cut to Los Angeles. There, in a dark alley, the Front Man catches sight of a suited figure slapping down tiles in the ‘Ddakji’ game. The camera pans to reveal Oscar-winner Cate Blanchett as the recruiter. Their silent exchange was enough to suggest that the twisted world of Squid Game is alive and well outside South Korea.

Whether Blanchett’s role is a mere cameo or the beginning of something larger remains uncertain. But her history of leading high-profile projects and her global star power have fuelled speculation that she could take centre stage in a potential spin-off.

Plans in motion?

According to a 2024 Deadline report, Netflix and series creator Hwang Dong-hyuk had already been exploring the idea of an English-language spin-off even before Season 3 was released. While nothing has been officially confirmed, Deadline claimed that Dennis Kelly, known for ‘Utopia’ and ‘Matilda the Musical’, was attached to write the script.

The final scene appears to support that rumour. It also aligns with Hwang’s own musings about expanding the universe. In an interview with Entertainment Weekly, he said: “I actually had this faint ideation about possibly a spinoff, not a sequel, but maybe a spinoff about the three-year gap between season 1 and season 2 when Gi-hun [Lee Jung-jae] looks around for the recruiters,” adding that he was interested in what the masked workers were doing during that time.

Hwang, the mind behind the Squid Game phenomenon, has openly admitted to being creatively and physically drained. Speaking to The New York Times ahead of Season 3’s launch, he said, “Yeah, I’m very tired. I haven’t had a deep sleep for a long time. I want to take a rest. Then I want to do feature films. I have an idea for my next feature.”

What comes next?

Though nothing has been greenlit yet, all signs point toward Netflix seriously considering a US-based continuation of the ‘Squid Game’ legacy. Whether Cate Blanchett is the face of that project or simply a teaser remains to be seen. For now, fans can only guess, but they’re certainly watching.

If the final moment of Season 3 proved anything, it’s that in the world of ‘Squid Game’, the games may change, but they never truly end.