DiabolicalGenius
Mad Scientist/ Evil Genius
"May I take your hat sir? May I take your hat sir? Why won't you give it to me? YOU GIVE IT TO ME!"I like your theory about the pegs but in Squid's Day Off, Squidward gives his hat to SpongeBob. So, the spongey one is now wearing two hats, one possibly without a peg. However, I also understand that the playset could've been made after Squid's Day Off so… :\
In Big Pink Loser, the hats would more than likely not have pegs because they were placed on a hat rack.