Given the outcry about Team T-S winning despite doing barely any fighting, simply because they swooped in and killed LLENN and Fuka after their victory over Pito, one would imagine that the next sponsor would want to do something to ensure that no one else can win this way- perhaps they'll make victory dependent on total kills, or punish teams that go for too long without fighting someone. There's a bit of precedent for this, considering that the second Squad Jam decided that the pocket terminal was no longer an Immortal Object, meaning that LLENN couldn't use it as a Pocket Protector the same way she had in the first Squad Jam.
- Given that this is a valid strategy in actual team-based(or even solo) Battle Royals, it's more likely they'd need to find a way to nerf the strategy. There's a fairly easy way to do that, and it's pretty much universal to real BRs, dating at least as far back as Minecraft's Hunger Games! As the fight continues, the ring gets smaller and smaller, forcing teams out of cover and closer to conflict with other teams. The thing is, the author seems to recognize this since the game devs now do make balance patches and fans are visibly upset by players exploiting unintended mechanics to win.
- Confirmed in subsequent tournaments: in Squad Jam 3 the map is an island that is slowly sinking into the ocean in a circular pattern and the land is disappearing until only the center remains. In Squad Jam 4, monsters will spawn out of the ground to attack teams that don't move within a five minute timeframe, and every monster attack gets more numerous and dangerous. In Squad Jam 5, the map begins completely shrouded in fog, forcing players to keep moving lest they get shot in every direction from the unknown.
- Somewhat confirmed as of Volume 7, as Karen gets roped into an Arranged Marriage related to her father's business similar to how Asuna was pressured into meeting suitors for her family. Karen's would-be suitor Nishiyamada follows her into GGO and enters Squad Jam 4 to win her hand after Pitohui issues a bizarre challenge to him to do so; Karen is most worried that Nishiyamada will tell her father about her VR usage which her parents absolutely hate. In Squad Jam 5, the entire battlefield is covered in a thick foggy mist, forcing players to move or be easy prey for an ambush.
- Confirmed in Squad Jam 5 when she finishes the tournament by running off a cliff and taking Vivi with her.
- Pitohui - Considering her track record, it wouldn't exactly be the first time she made things difficult for her team for for her own amusement. Additionally, it’s established that she uses money she earns from her singing career to buy various guns in-game. And even if that was insufficient, she’s a dedicated enough player to potentially earn that much, or at least enough to make up the difference. And while she claims it's not her this time, that doesn't change that she's hardly the most trustworthy individual.
- Bold of MMTM - He's had a long lasting but understated grudge against LLENN after she killed him in the first Squad Jam, which is compounded further when she did it again in SJ4. Therefore, it's possible for him to have posted the bounty to get his vengeance indirectly or to keep her busy so he and his team can get the drop on her. Helps that we don't know about his IRL life, presenting the possibility of him being pretty wealthy in real life.
- The Novelist - Considering his career as a novelist(albeit a seemingly unpopular one) and how well-connected he is to GGO's administrators due to being the one to suggest the Squad Jam, he certainly has the means to offer that much money. As for motive, it could either be him trying to spice up the tournament, or using LLENN to give him inspiration for his next book that's about someone with a bounty on them.
- Karen's family - While Karen is a Secret-Keeper in regards to her GGO hobby, it's possible that they could have figured it out by this point or learned about it from Fire, the previous Big Bad who works at her father's company IRL. The bounty could be an indirect means of pressuring Karen into dropping GGO or a Secret Test of Character to see if she’s truly that dedicated to playing it. Plus, it’s established that Karen comes from a rich family with her father being the CEO of a company who often makes it so that she flies first class when visiting home, meaning money is no obstacle considering how much they spend on Karen as is.
In the end of SJ5, the identity of this individual is never revealed, with even the rest of team LPFM deciding during their celebration party it could have been anyone, so any or none of the above is equally possible.