I thought the ending to Friendly Rivalry was hopeful and symbolic of their new freedom and future together. I'm also one of the fans who thinks it was a happy ending even though you didn't get to see a big reunion with an embrace or kiss. You can chalk what I'm about to say to theory, but there is a lot of dialogue and symbolism in the show that supports that Jaeyi and Seulgi will inevitably be together.
Without a doubt in my mind, the ending to me was Seulgi visiting Jaeyi. I believe Seulgi is there in the ending, and that's who Jaeyi turns to smile to. It is the same real smirk and soft gaze that's only used with Seulgi. It also mirrors the smile Jaeyi does on the diving board when Seulgi rushes to stop her. Even if you don't agree Seulgi is there or the things im going to point out below, she WILL BE eventually because there because that's the point of Jaeyi and Seulgi's relationship and parallels throughout the series.
Ramblings on the final scenes:
Seulgi wakes from a dream about her and Jaeyi walking together through the forest in the area where she grew up that ends with Jaeyi letting go of her hand like outside the courthouse and leaving her all alone. She wakes to find a gift from Jaeyi outside to immediately show the opposite. She's not gone. She's still here. She hasn't left or forgotten Seulgi. She's not letting go. She's reaching out.
Inside the gift box, the first thing you see is shoes. Shoes, when given as a gift, mean the person you give them to will leave. Jaeyi wants Seulgi to leave to come find her, so she finally gives them to her. This concept was mentioned earlier in the series when Jaeyi didn't give Seulgi shoes with her new uniform because she didn't want Seulgi to leave. Jaeyi could've gifted Seulgi shoes before faking her death but didn't because they weren't meant to represent parting or that Jaeyi was leaving her by dying and wanted her to move on and live life without her. Jaeyi is a master planner. Everything she does is insanely purposeful. She was planning before Seulgi even set foot in the school. She had a countdown to fake her death and no doubt planned exactly when and how to deliver the shoes.
Jaeyi also gives Seulgi the Keychain back as further proof that it is her sending the gift. The moment Seulgi sees the keychain, she knows it's from Jaeyi. It is something very important to both of them that no one else would give her. Jaeyi still wanted Seulgi to focus on her future and get into the university and letting her know she was alive sooner would get in the way of that. The keychain is also the first direct interaction they really have in episode 1, so it's her reaching out like in episode 1.
Next, the picture shows where she is. It's not a message to just say "Hey, I'm alive." Otherwise, the Keychain would've been enough proof or a small note or the shoes. The picture is to say, "This is where you will find me." It's not a postcard with an address. It's a place Jaeyi knows Seulgi will know because it's the area where Seulgi lived all those years as an orphan. The area she always has nightmares that are then calmed by Jaeyi's presence there with her instead. Jaeyi picked where she would escape in advance and had Seulgi in mind because she wanted Seulgi only to be able to find her. Now Jaeyi is the one alone in that area waiting for Seulgi to come find her.
These gifts are given to Seulgi when it is snowing (winter). The show's social media and the actors have all used a blue heart and a yellow heart for Jaeyi and Seulgi the whole time the show has been coming out. Jaeyi is born in the winter (blue) and Seulgi in the summer (yellow) which brings me to...
The ending we see is not set in the winter like the scene we just saw with Seulgi. It's warmer and most likely the summer after the exams. Some people can argue it's Seulgi just imagining Jaeyi skating there and peacefully waiting for her (which is still a fantastic and hopeful ending for sure), but I believe Seulgi is there when Jaeyi turns because Winter was Jaeyi reaching out and the Summer will be Seulgi reaching back. This act mirrors every time Jaeyi has reached out her hand to Seulgi first, like on the roof.
There's also an interesting take that may just be fan theory due to production erros, but I also noticed these things and support it. The person you see skateboarding is Seulgi and not Jaeyi. Jaeyi skates with her left leg throughout the show. The skater you see uses their right. Which would be an odd production error for a scene that is focused on Jaeyi. Enough time has passed for Seulgi to have longer hair and to have learned how to skate so it's not too far of a reach. The skateboard on the dock has white wheels. The one Jaeyi holds at the end has black wheels. This show pays a lot of attention to colors and details, especially in scenes Jaeyi and Seulgi share together, so it's either interesting error or choice depending on what you think. The skater outfit is also similar but not the same. Jaeyi had a white shirt underneath. The skater on the dock had a black shirt underneath (white and black again just like the wheels). In the stakeout/trial episode, they also wore matching color jackets that every fan excitedly pointed out. They could've easily have matching clothes again.
Theories aside. Seulgi said she doesn't like to wait for anyone but waits for Jaeyi throughout the show and desperately searches for her when she can't be found. Jaeyi said early in the show that she may be late, but Seulgi should always wait for her. If you remember, Jaeyi's lateness in that episode was planned. That's why she waited so long to contact her after her "death." She wanted to make sure she safely escaped her father (even though he's free and still searching for her), and her plan worked well enough before risking Seulgi's safety for them to be together. So whether you think that Seulgi is already there at the end or not, every action and dialogue between Jaeyi and Seulgi in the show foreshadows and promises that Seulgi will still be reuniting with her soon. She has all the info she needs, and she's not going to just move on without Jaeyi. They're in love.
If they make an S2, I am definitely watching because I feel like there's more to explore, but if not, I'm still happy with what we got and hopefully it helps more lgbt kdramas be created.
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