I am open to any interpretations on this - it is purely for fun.
As we all know, the season ends with the joker card being shown on the table with all the other cards blown away. Many have speculated that this can mean the end of the games, and hence show. Others have said they were happy with the ending until this card, as it can symbolise it was all a joke. This is my take:
The joker card can have 3 possible meanings. 1) The wild card (anyone can do what they want, open to interpretations) 2) A new beginning (life/reality can be the last game) 3) The card to avoid.
Now let’s talk about the last meaning. The third meaning is derived from the Old Maid game. The Old Maid game is a CHILDREN’S GAME. This is important, because it is referenced many times in AIB that these games are children’s games, e.g: tag, hide and seek, etc. In the Old Maid game, a solitary Joker represents the Old Maid, which is the card to be avoided. Notice how I said “solitary” - in a usual card deck, there are 2 jokers. But in this game, there’s one, which matches the single card in the episode.
A significant rule of this game is that whoever ends up with the Joker card, dies.
There’s an alternative version of the Old Maid, called Chase the Joker. This is where the Joker replaces the Ace. My theory was this: Mira, the Queen of Hearts, is also an Ace. In a card deck, there are Aces, however in the show, it stopped at Queen of Hearts. That led me to think that the people behind this game, could be Aces. But we have no proof of that. However the reason why I thought Mira was the Ace, was because of the camera. I think the camera was watching Mira and Arisu’s game, to see if Mira would defeat Arisu and become the Joker, which can be seen as the ‘top’.
If Mira kills Arisu, she would be proven too powerful to the higher ups. This means we can assume she would advance to the Joker role, which would ultimately kill her.
However Arisu defeats her, which surprises the higher ups, who then send him back to the real world, to “retry” the games again, but this time as the Joker. I put Retry in quotation marks as this is the name of the sequel. Because Arisu defeated the supposed final boss, he is extremely powerful, and therefore becomes the Joker as they need a player who will be the king/queen of the final game. I say player because all of the other ones have been players too. If Arisu becomes Joker, and wins the game against the other participants, he will die.
I also think Mira’s VR theory is partially true, which can explain why the meteorite happened - as a way to cover up that deaths actually happened in the game and not in their version of “real life”, which isn’t actually real - but is the joker game.