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In this communication, based upon a squeezed-state trial wave function, we have performed a simple variational study of the spectral collapse of the two-photon Rabi model. Our analysis indicates that the light-matter interaction and the spin-flipping effectively constitute two competing impacts upon the radiation mode. Whilst the former tries to decrease the radiation mode frequency, the latter may counteract or reinforce it, contingent upon the state of the atomic system. The light-matter interaction appears to dominate the frequency mo