Betty and Jughead's investigation into the auteur leads them to the discovery of a secret underground for red-band screenings. Elsewhere, in order to impress the visiting Naval Academy Commandant, Archie agrees to participate in a boxing exhibition against another candidate - KO Kelly. Meanwhile, as Cheryl prepares for prom, she stumbles upon a major secret that Toni's been keeping from her.

With Graduation Day around the corner, the gang consider their next steps beyond Riverdale High. Archie learns whether he will be able to graduate with his classmates. FP makes a difficult decision about his and Jellybean's future.