A recently shared image from the third and final season ofSquid Gamesheds more light on the direction this final outing might take.Squid Gameseason 3is expected to drop on Netflix on June 18, 2025, which will wrap up the war between Gi-hun (Lee Jung-jae) and In-ho (Lee Byung-hun) against the backdrop of the deadly children’s games around which the series revolves.Squid Game 3’s full trailerheavily teases a direct confrontation between the two, where Gi-hun realizes that the Front Man who runs the Games is the same man who posed as a player and won his trust.
Shared via actor Lee Byung-hun’sInstagramaccount is a new image of In-ho, possibly in a flashback scene. In this image,In-ho is dressed in formal wear like what the final players were given at one point inSquid Gameseason 1.In-ho also looks shaken and exhausted here and is labeled with the number 132, implying that this is a snapshot of him when he won the Games in 2015. Check out the image below:

What This In-ho Image Means For Squid Game Season 3
This Could Give Us All The Answers We Wanted Concerning The Front Man
This image makes it seem likeSquid Game 3will include scenes depicting the events surrounding the Games in 2015, in which In-ho participated, hoping to win the money needed for his wife’s treatment. However, he was too late to save her, and, for reasons that are still shrouded in mystery, became the manager of the Games in the aftermath, cutting off contact with his remaining family.Flashbacks would be the optimal way to show how he became so cynical as to become the Front Manof the Games and facilitate the gruesome murders of hundreds, if not thousands.
This could tie directly into the widespreadtheory that Gi-hun will become the new Front Manby the end of the series, meaning he will have to undergo a similar transformation as In-ho once did.In-ho’s brother Jun-ho (Win Ha-joon) has also been asking himself the very question of why In-ho would do thissince he discovered the truth, and we may get the answer, even if In-ho never really does. Even if they are brief, the flashbacks this image teases could provide some clarification that would really strengthen the series.

Our Take On In-ho Flashbacks In Squid Game Season 3
How The Games Changed The Main Characters Is Key
Despite his heinous actions, the actor and writers have made In-ho a very intriguing and crucial character toSquid Game, and fans doubtlessly want to gain even more insight into his mentality. On the flip side, we could get a conversation between In-ho and Gi-hun very similar to the final one the latter had with Il-nam (O Yeong-su) inSquid Gameseason 1’s ending, where he affirms his belief in the goodness of people. To drive this ideological conflict home, we should see more of how the Games changed In-ho as they did Gi-hun, in opposing ways that led them to help or hurt others.