Some 'Squid Game' Fans Think Player 125 Is Too Famous in Real Life To Be a Side Character

As any fandom does between seasons of a long-awaited show, Squid Game viewers have come up with lots of theories about the different characters after Season 2. Now, some believe that Player 125, whose name is Min-su on the show and who sort of fades to the background early on, is a secret VIP in the game. But how accurate is that theory?

Technically, no one really needs any factual evidence to back up theories when it comes to Squid Game. But most fans of the Netflix phenomenon are so deeply entrenched in the lore that, most of the time, the theories are based on some kind of truth that makes sense. And that appears to be the case for the theory that Player 125 is actually one of the VIP individuals who bet on the games.

There is a theory floating around that Player 125 is a VIP because he is listed as 'VIP 3' in some cast listings for the show. This would mean that, like the Front Man Player 001, Min-su is playing the game as a non-player, here for the fun of it and nothing more. The VIPs are first introduced in the first season as masked individuals who get to watch the games and even place bets on them.

It's another perverse aspect to the games in Squid Game, but it makes sense to have these VIPs, given the context of the story. However, while this theory has been supported by some fans, others have debunked it. Those who don't believe the theory have shared that they think the actor who plays Min-su in Squid Game was a VIP in the first season, sort of as an extra in the show. But, they explained, his character in the second season is different entirely. And at this point, that's possible too.

"I think he plays two separate characters," someone commented on a TikTok about the theory. "In Season 1 he was a VIP but we never saw his face so he can play a different character in Season 2 (same actor different characters)."

And if the theory is true, that's a huge spoiler that would have been revealed well before the third and final season of the show. For now, there are some fans who believe it could be accurate, especially with how quiet and meek Min-su appears to be. But there are plenty of other Squid Game fans who aren't buying it.

One of the reasons why some fans believe Player 125, or Min-su, is more important than simply being another player in the game, is who he is in real life. South Korean actor Lee Da-wit, also known as David Lee, plays Min-su. As some fans have pointed out on social media, with Lee being such a big star in South Korea, it wouldn't make sense for him to not be more important than he is.

Then again, there are other big South Korean stars in the second installment of Squid Game. Singer and former member of the K-pop group BIGBANG, Choi Seung-hyun, plays Thanos, who appears to be a fictionalized version of himself. Player 222, portrayed by Jo Yuri, is another real life K-pop star.

Yim Si-wan, who is Player 333, is another singer and actor known throughout South Korea. So if Player 125 turns out to be nothing more than a slightly interesting player in Squid Game instead of a secret VIP, it wouldn't be the most surprising idea.

Watch Squid Game on Netflix.