A lullaby drifts through a cavernous soundstage, then a gunshot cracks the silence. Overhead, a giant piggy bank rumbles. In Squid Game: The Challenge, play feels frighteningly real. The hit drama is reborn as a live contest, pitting four hundred fifty-six ordinary people against each other for the largest cash prize in television history. We meet familiar archetypes—the strategist, the empath,...
