It’s been a wild ride since Netflix finally dropped the follow-up to the biggest show on the planet. Most of us expected a clean finish, a new billionaire, and maybe a little closure for Gi-hun. But if you’ve actually sat through the finale of Squid Game Season 2, you know things didn't exactly go to plan. In fact, if you’re looking for a single name—a "winner" in the traditional sense—you might be disappointed.
Basically, there wasn’t one.
The season ended on a cliffhanger so massive it makes the first season’s red-hair reveal look like a subtle hint. Instead of a champion holding a trophy, we got a full-scale revolution that left the entire game in tatters.
Why Season 2 Doesn't Have a Traditional Winner
I know, it sounds like a cop-out. You spend seven episodes watching people die in horrific ways just to find out the prize money is still sitting in that giant piggy bank. But here’s the thing: Season 2 was never really about the money for Seong Gi-hun.
He didn't go back in to win. He went back to burn the whole thing down.
While the first season was a survival drama, Season 2 shifted into a psychological war between Gi-hun and the Front Man. By the time we reached the final episode, titled "Friend or Foe," the games themselves had been sidelined by an internal revolt. Gi-hun, ever the "hero," managed to convince a group of players—Team X—to stop playing the game and start fighting the guards.
It was absolute chaos.
The Reality TV Twist: Who Wins Squid Game: The Challenge Season 2?
Now, this is where a lot of people are getting confused. If you saw headlines about someone actually winning $4.56 million recently, they’re probably talking about the reality show spinoff, Squid Game: The Challenge.
For the record, Perla Figuereo (Player 072) is the official winner of Squid Game: The Challenge Season 2.
She’s a 26-year-old model from the Bronx who outlasted 455 other real-life contestants. The finale was a nail-biter where she won a high-stakes game of Red Light, Green Light against the final few survivors. She’s already talked about using the money to pay off credit cards and buy her mom a house. It's a great "human interest" story, but don't mistake her for a character in the scripted series.
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In the actual drama, the "winner" is basically TBD.
What Really Happened in the Season 2 Finale?
The scripted finale was way darker than any reality show could ever be. Gi-hun’s plan to take over the control room actually got pretty far. He and his friend Jung-bae (Player 390) were basically at the finish line.
Then came the betrayal.
The biggest shocker of the season wasn't a game at all. It was the reveal that Player 001—the old man's replacement—was actually the Front Man (In-ho) in disguise. He’d been playing Gi-hun the entire time.
The season ends with:
- Jung-bae being executed right in front of Gi-hun.
- Most of the "rebels" being gunned down by the Pink Guards.
- Gi-hun left alive, broken, and surrendering to the Front Man.
It's a gut-punch. Gi-hun is still "in" the game, but he’s lost his leverage, his friends, and his hope. The Front Man basically told him that his "little hero game" was a failure.
Who Wins Season 2 Squid Games? The Front Man’s Moral Victory
If we’re being intellectually honest, the only person who "won" anything in Season 2 was the Front Man. He successfully proved to Gi-hun that even when you try to change the system, the system usually wins.
He didn't just beat Gi-hun in a game; he beat him ideologically.
Gi-hun wanted to save everyone. Instead, his revolution led to a massacre. Now, he's stuck in a position where he might even be forced to help run the games in Season 3. It's a dark, cynical ending that sets up the final chapter perfectly.
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Looking Toward Season 3: The Real Final Game
Since Season 2 and Season 3 were filmed back-to-back, we already know the story isn't over. The final season is slated for June 2025 (or June 2026, depending on your region's rollout).
Here’s what you should actually be looking for next:
- The Fate of Jun-ho: The cop is still lurking around with Captain Park. He’s the only outside wild card left.
- The Remaining Players: There are still contestants in the dorms who didn't join the revolt. They are the ones who will likely compete for the actual prize money in the final episodes.
- Gi-hun’s Transformation: Will he finally snap and become the very thing he hates?
Honestly, if you're looking for a happy ending where the "good guy" wins the gold and goes home to his daughter, you're watching the wrong show. Squid Game has always been about how poverty and power strip away your humanity. Season 2 just proved that even a winner can't easily escape the cycle.
If you want to stay ahead of the spoilers for the final season, your best bet is to:
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- Re-watch the "Friend or Foe" episode and pay close attention to the background players who survived the massacre.
- Keep an eye on the official Netflix TUDUM updates for the Season 3 trailer, which is expected to drop any day now.
- Don't confuse the reality show results with the scripted plot—Perla won the cash, but Gi-hun is still fighting for his life.
The games aren't over. They've just changed the rules.