'Squid Game' series finale: Who survived and how Cate Blanchett's cameo sets up a potential spinoff
Netflix’s Squid Game has reached its brutal and emotional conclusion, but the global sensation may not be done just yet. The series finale of the third and final season wrapped up the core story of protagonist Seong Gi-hun (Lee Jung-jae), while opening the door for a potential Squid Game spinoff — possibly set in the United States — thanks to a surprise cameo by Cate Blanchett.
Lee Jung-jae as Seong Gi-hun in Squid Game S3.
No Ju-han/Netflix
Creator Hwang Dong-hyuk, who wrote and directed every episode of the Korean survival drama, fulfilled his promise to end Gi-hun’s arc. In a tragic twist, Gi-hun ultimately sacrificed himself in the final “Sky Squid Game” round, allowing the unlikeliest victor — a newborn baby — to win the Games.
This baby, the child of Player 333 (Lee Myung-gi, played by Yim Si-wan) and the late Jun-hee (Jo Yu-ri), is now the sole surviving contestant. Gi-hun’s death, a selfless act to prevent further bloodshed, underscores the moral weight of the finale. With this resolution, the character who carried the emotional center of Squid Game ends his journey with dignity — and despair.
The series finale, however, is far from a quiet goodbye. A six-month time jump reveals The Front Man (Lee Byung-hun) traveling to Los Angeles to deliver Gi-hun’s prize money to his estranged daughter, Ga-yeong. But it’s what follows that truly shifts the narrative toward a broader universe.
In downtown L.A., The Front Man hears the familiar ddakji slap of a recruiter — and witnesses a new face in the role: none other than Cate Blanchett. The two-time Oscar-winning actress appears as a mysterious new recruiter, engaging a desperate American in the same game that started it all. Her sudden and secret cameo stuns — and signals that the Games may not be over, only relocated.
The implications are vast. Could Blanchett’s character be leading an American version of the Games? Might Netflix be developing a Squid Game: U.S. spinoff? Hwang has previously stated interest in expanding the universe, potentially through prequels or international adaptations.
Meanwhile, other key survivors remain in play: Detective Hwang Jun-ho (Wi Ha-jun) and his ally Choi Woo-seok (Jun Suk-ho) both escaped the island’s destruction. In a poetic twist, Jun-hee’s baby — the Game’s official winner — is reunited with Jun-ho, along with the 45.6 billion won prize.
Additionally, Pink Guard No-eul (Park Gyu-young), who emerged as a fan-favorite this season, receives word her supposedly deceased child might be alive — another thread that could carry into a sequel.
The final images of the destroyed island and Blanchett’s Recruiter leave viewers with the central question: If the Games continue, who is behind them now? And what motivates the new Recruiters?
By ending on a note of both closure and uncertainty, Hwang has managed to satisfy the arc of Squid Game while cleverly positioning the franchise for global expansion. Whether that future includes a Squid Game: America, a Blanchett-led origin story, or another prequel remains to be seen.
For now, the Games are over — or perhaps, just beginning again.
The final season of Squid Game is now streaming on Netflix.
