Jughead sits in the White Wyrm, writing about how the Black Hood has terrorized Riverdale. He explains that Archie and Veronica have chosen to cope by being intimate with each other.
Archie and Veronica make out on the couch of the student lounge, prompting judging looks from others. They then hook up - in Archie's room, his garage, and in Veronica's house.
Archie worries that Veronica's parents will catch them, but she says not to worry. He tells Veronica that he loves her, which catches her off guard. Archie quickly leaves.
Jughead and Betty meet at Pop's. Jughead reveals his research about the Riverdale Reaper, and that everything about the Conway killing was true. He tells Betty where the murder house was, and she realizes that it's the house the Black Hood told her to go to. Jughead suggests going to Keller or even revisiting the house, but Betty says no. Jughead gets a call from FP.
Jughead tells the gang that FP is being let out of jail, but doesn't explain how it happened. Betty asks Veronica and Archie to help investigate the newest lead on the Black Hood, and they reluctantly accept.
Cheryl gives Josie a shoulder massage in the locker room, but they are quickly interrupted by Mr. Svenson.
Veronica comes home to find that Hiram and Hermione received a letter from the Black Hood. They promise Veronica that they will be safe - and ask for Archie to come around more to protect her.
Betty asks Alice if she can use the family station wagon to help pick FP up from jail. She reveals that Jughead is officially a Serpent now, and asks Alice to accept them.
Jughead tells the Serpents that FP is getting out of jail, and that they'll have a sit down with Mayor McCoy. Tall Boy protests, saying that sitting with the mayor won't do anything. Jughead says that he's tired of Tall Boy's defiance, and suggests that the Serpents vote on what to do. Jughead ultimately wins.
Archie and Veronica decide to investigate the murder house. She tells Archie about the letter from the Black Hood. Archie asks about him saying that he loves her, and Veronica says that they should just focus on the case for now.
Archie and Veronica both tell their parents about him saying that he loves her. Fred tells Archie not to worry, while Hermione suggests that Veronica might not be ready to hear it.
FP is let out of jail, and meets Betty, Jughead, and Alice. Alice attempts to flirt with FP, which catches everyone else off guard.
The four of them sit at Pop's. Alice warns FP about the Black Hood, and he reveals that he's leaving the Serpents, getting sober, and wanting to apply for a job at Pop's.
Archie and Veronica ask Keller about the cold case. According to them, files on the case were stolen by Sheriff Howard. Howard died a few years ago, but his daughter still has the files.
Veronica calls Howard's daughter, who reveals that her father was obsessed with the house. Archie suggests that they visit the house.
FP and Jughead race motorcycles. Jughead tells FP about the job he did for Penny Peabody, and FP tells him to get out of the Serpents and make a new life. Jughead says that he needs to stay with the Serpents, and FP accepts.
FP waits on Betty and Jughead at Pop's.
Josie and Cheryl debate about a potential gig for Josie. Cheryl drops her milkshake on the floor, and tells FP to pick it up.
Jughead complains about FP's post-prison standing in the town, and Betty suggests that they throw a retirement party for FP leaving the Serpents.
Betty asks Toni for help with the retirement party. In the process, she asks if she can keep an eye on Jughead - possibly by being "Serpent adjacent." An older Serpent says that female Serpents have to do a strip tease to make it into the group, something that Toni condemns. Betty doesn't seem bothered by it though.
Jughead and FP eat dinner. Jughead gets a phone call from Penny, asking him to meet at Pop's. He reluctantly accepts.
Jughead says that he wants out of the arrangement with Penny, but she continues to persist. She threatens Betty in the process.
Archie and Veronica investigate the murder house. Archie recounts the murders from a newspaper report as they walk through the house. They find evidence of a third child in the Conway family, as well as all of Howard's notes. They find a photo of the Conway family, revealing that they did have three children.
Jughead and Toni talk about his arrangement with Penny.
Betty makes final plans for FP's party, which Alice is unhappy about.
Alice confronts FP, saying that she doesn't want Betty to become a Serpent. FP suggests she chaperone the party, and run into her old Serpent friends in the process.
Veronica and Archie show Betty and Jughead what they discovered. They attempt to find Joseph Conway, the lost third child. Veronica suggests they investigate, but Betty and Jughead need to leave for the party.
Veronica finds a potential match in a Riverdale High yearbook. It's the janitor: Mr. Svenson.
Veronica and Archie confront Mr. Svenson, who recounts the night of his family's murders. He reveals that the assailant was a con man, who he was able to identify and send off to kill. Veronica accuses Mr. Svenson about being the Black Hood, but Archie reveals that he doesn't have the right eye color.
Betty gets ready for FP's party.
Hermione asks Veronica what's happened with Archie. Veronica realizes that she dove into the case because of it, and that she's not used to hearing it within her family.
Fred asks Archie about the love revelation. Fred reassures that Veronica will say it in time.
Jughead meets Archie at the retirement party. Archie says that he'll clear the air with Veronica tonight.
Jughead makes his way through the party. Alice and Betty enter the party, with Alice dressed in Serpent gear.
Veronica and Archie meet up at the party. Archie asks about the love revelation, and says that he's OK if Veronica doesn't want to say it back just yet. She hugs him. Archie asks if the two of them want to sing a karaoke duet, but gets upset in the process.
Archie and Veronica sing "Mad World", but Veronica runs off stage. Betty gets up on stage and continues the song, starting to do a stripping routine in the process.
FP comes up onstage, giving Betty his jacket to cover up. He gives a speech about how he isn't retiring from the Serpents. Alice tells Betty to leave, but she says no.
Jughead and FP hug, and FP reveals that he knows about the arrangement with Penny Peabody. FP reveals that he's staying in the Serpents because he doesn't trust Jughead.
Veronica and Archie talk outside. Veronica apologizes for not being able to be emotionally available in the same way, and then leaves.
Jughead reveals that he's upset about Betty's dance, and attempting to join the Serpents. Jugheads says that he doesn't want Betty to be in danger by joining the Serpents, and attempts to break up with her. Betty starts crying, but Jughead tells her to go home.
Jughead monologues about the danger that the core four have gotten into, and how they all are "free falling."
Mr. Svenson looks over a family photo.
Archie arrives into his room, and sees Betty from his window. The two of them share a longing look.