Episode 5 of Season 3 of "Squid Game" kicks off with No-eul stealthily infiltrating the base through a narrow ventilation shaft. Meanwhile, Gi-hun returns to the bunker with a sinister intent, aiming to eliminate the remaining players, starting with Player 100. As In-ho observes the unfolding events, the narrative shifts to a haunting flashback of his own harrowing game. Chairman Oh, alias the Old Man, extends the same fatal proposition to In-ho, who, despite his trepidation, carries out the grim task of slaying the last five contestants. In the present, Gi-hun's bloodlust is momentarily stayed by a hallucination of Sae-byeok, casting a shadow of doubt over his actions.
Turbulence brews for those adrift at sea. The pursuing team inches closer to 246 by meticulously tracking his vessel. Jun-ho persists in his relentless quest for the elusive island, oblivious to the grave warning radioed by In-ho, who insists, "Halt, or face your demise." Jun-ho, undeterred, continues his search.
No-eul slips into the Officer's quarters with stealth, compelling him to expunge all digital records pertaining to 246. Just as she prepares to silence him permanently, he reveals the existence of a hard copy, accessible only to him and the Frontman. Amidst the struggle in the elevator, they lose their firearm. The Officer, curiosity piqued, wonders if No-eul harbors feelings for 246. She confesses her motive stems from a desire to protect his daughter, revealing her own heart-wrenching loss—her daughter perished in North Korea. In a poignant revelation, the Officer admits his partiality towards her isn't rooted in shared hometown ties but in his own tragic loss. As he monologues, No-eul, wounded yet resourceful, crawls towards the elevator, seizing the abandoned gun to fatally shoot him.
The climax of the games unfolds with the Sky Squid Game, comprising three grueling rounds. Participants must hurl one or more living contestants off a towering structure to advance. Round 1 commences on a square tower, where failure to eliminate anyone within 15 minutes spells certain doom for all. Each tower is equipped with a button to initiate the timer and commence the round.
The Blue Team, torn between targets within their own Red Team, resolves to adopt a democratic approach, voting to determine their victims. However, a complicating factor arises—they must separate Gi-hun from the baby, presenting them with three targets across the three rounds. Myung-gi proposes an swift end by targeting Min-su first, seeking to alleviate their moral dilemma.
Min-su doesn't make it a smooth ride, but Myung-gi expertly extracts the pole from the tower's heart and shoves him off, sending him plunging into oblivion. Amidst his descent, Min-su hallucinates Se-mi, and he utters an apology to her before meeting his fate. Meanwhile, No-eul delves deep into the archives, finally uncovering 246's file. With this newfound information, the players advance to the second tower. Gi-hun seizes an advantage, establishing his base at the edge, realizing that if the Blue Team eliminates him and the child, they'll be forced into a harrowing self-selection for the final round. Anxiety grips the team as hyperactive 203 activates the timer, heralding the onset of Round 2. He stubbornly asserts that Gi-hun would prioritize his own life over the child, but the others recognize 203's misconception. Frustration boils over into violence, until Myung-gi steps in with an ingenious plan.
Out at sea, the pursuit team spots 246 and opens fire. He retaliates valiantly but soon finds his ammunition depleted. Just as they close in for the kill, Jun-ho emerges from the shadows, dispatching the pursuers with precision.
Back in the game, the Blue Team engages in a tense round of Rock, Paper, Scissors, with the loser tasked with convincing Gi-hun to participate in their lottery-based decision for the sacrifice. Their strategy hinges on his agreement to join them at the pillar's center, where they intend to seize the child. If he refuses, Plan B entails the loser snatching the child while Myung-gi uses the pole to topple Gi-hun. Unsurprisingly, Gi-hun stands firm, refusing to budge. The loser strikes out, but Myung-gi干预swiftly, pushing the loser instead off the edge.
Everyone is left in a state of disbelief as Myung-gi strives to persuade Gi-hun that he, indeed, is the father of the child. The members of the Blue Team are skeptical of his claims, but Gi-hun's mind drifts back to Myung-gi's genuine efforts to aid Jun-hee in the jump rope game. With Myung-gi wielding a pole and Gi-hun grasping a knife, the Blue Team proposes a fateful draw to determine their fates. However, as the two men ponder their choices, a chilling betrayal unfolds within their ranks: Player 39's leg is savagely broken by his own teammates, who offer to terminate him in the next round. Gi-hun, steadfast in his belief in fairness, refuses this grim proposition.
Pushing their patience to the brink, Players 203 and another unnamed contestant assault Gi-hun. Amidst a fierce struggle, Gi-hun and Myung-gi are forced to defend themselves, ultimately vanquishing their attackers. Meanwhile, Player 100, wracked with nervousness, attempts to accommodate any demand Gi-hun might make. But Myung-gi, eyes gleaming with the allure of the escalated prize money, shoves him aside.
Gi-hun's countenance darkens with the weight of these developments, but matters take a grimmer turn when Player 39, determined not to be manipulated further, decides to end his own life. Despite their desperate attempts to dissuade him, he plunges to his death, bringing an abrupt close to the round. As the dust settles, only Gi-hun, Myung-gi, and the innocent child remain standing at the conclusion of Squid Game Season 3 Episode 5, painting a haunting tableau of survival and despair.
