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Contains spoilers for this episode and earlier episodes.

Gi-hun returns to the sleeping contestants with the Front Man's knife and nearly kills Player 100. A vision of Sae-byeok stops him. A flashback shows In-ho accepting a similar offer during his own game and killing the remaining players. No-eul meanwhile forces the masked officer to delete Gyeong-seok's records, then follows him toward the paper archives. Their struggle leaves her stabbed, but she recovers her gun and kills him.

The finalists enter Sky Squid Game on three elevated towers marked with a square, triangle and circle. Each round starts when a button is pressed, and at least one living contestant must be pushed off before the timer expires. Myung-gi uses a metal pole to send Min-su from the first tower. On the second, Gi-hun protects the baby at the edge while the men argue over how to separate them and preserve someone to kill in the final round.

Myung-gi turns on an attacker and announces that he is the baby's father, forming a temporary alliance with Gi-hun. The remaining men's plan to maim another contestant for the next round collapses into a fight. Gi-hun and Myung-gi survive it, and Myung-gi pushes Player 100 off to increase their shares. The badly injured player then jumps rather than let the others control his death. Only Gi-hun, Myung-gi and the infant remain. At sea, Jun-ho rescues Gyeong-seok from the guards pursuing his boat, bringing his search closer to the island.