In terms of the showrunners, who will be back for Season 2?
Creator Sam Levinson is largely at the helm of the show -- writing, executive producing, and directing much of the first season based on his own life experiences -- so he should be on for round two. It can also be assumed that Drake, who interestingly executive produced Season 1, will be back, considering the fact that he announced the show was returning ("OBVIOUSLYYYYYYYYY") on social media. But will Champagne Papi get behind the director's chair for Season 2? That's TBD, as well as anyone else who might be on to write/produce/direct the upcoming season, as everything is still hush hush.
What will Season 2 be about?
Euphoria reached a high with its Season 1 finale. Maddy finally ended things with Nate (on the dance floor at the semi-formal, no less); Kat and Ethan put aside their differences and rekindled their romance; and Jules ran away to the city. But highs don't last forever, you have come down from them too -- so it only makes sense that Season 1 also arrived at the most inevitable conclusion for Rue when she relapsed.
The dizzying finale left a lot of questions open, though, so Season 2 might be a bit of a withdrawal from the conflicts that went unresolved. For one, the wellbeing of Rue has been a huge concern for fans, as some thought the final, trippy music-video-like sequence meant that she overdosed, and her narration all along was from the afterlife. It's an interesting theory for sure, but a bit tangential and one the cast has been quick to squash. Jacob Elordi who plays Nate told IndieWire, "This is the first I'm hearing [that theory]. My feeling is that that's pretty morbid. That's a different show, isn't it? I hope not."
It really does seem like subject for a different show. The direction for Season 2 seems more like it's poised to explore Rue's relapse and struggles with addiction even further, either potentially including a trip back to rehab or following her work towards recovery more closely.
Plot-wise, one of the biggest questions Season 1 left open is what will become of the Jacobs family, now that Maddy saw what was probably the graphic video of Cal Jacobs and Jules. Both Cal and Nate went to extreme lengths to protect their reputations this season, so now that Maddy has the upper hand, it's hard to say whether the truth will come out and what that means for them. Knowing those two, it's unlikely those they would react casually, by any means.
Fan favorite character Fezco's storyline also seems like it may come more into the spotlight in Season 2, as well. He's now turning to even more criminal activity to make up for where he was short to pay back Mouse, so he might spiral into an even deeper life of crime or get caught for the crimes he's already committed.
Right now it's mostly a guessing game to see where Season 2 goes at this point, but there's certainly a lot more to explore with each of the beloved, and fiercely hated, characters. Continue to check back, as we will update the story as more news regarding Euphoria Season 2 is announced.