Wide-field near-infrared (IR) surveys have revealed a population of galaxies with very red optical-IR colors, which have been termed extremely red objects (EROs). Modeling suggests that such red colors (R-K > 5) could be produced by galaxies at z greater than or similar to 1 with either very old stellar populations or very high dust extinction. Recently, it has been discovered that EROs are strongly clustered. Are these objects the high-red-shift progenitors of present-day giant ellipticals (gEs)? Are they already massive at this epoch? Are they the descendants of the z similar to 3 Lyman break galaxies (LBGs), which have also been identified as possible high-red-shift progenitors of gEs? We address these questions within the framework of the cold dark matter paradigm, using an analytic model that connects the number density and clustering, or bias, of an observed population with the halo occupation function ( the number of observed galaxies per halo of a given mass). We find that EROs reside in massive dark matter halos, with average mass (M) > 10(13) h(100)(-1) M-circle dot. The occupation function that we derive for EROs is very similar to the one we derive for z = 0, L > L-*, early-type galaxies, whereas the occupation function for LBGs is skewed toward much smaller host halo masses ((M) approximate to 10(11)-10(12) h(100)(-1) M-circle dot). We then use the derived occupation function parameters to explore the possible evolutionary connections between these three populations.