Uncle Leo's unexpected salvaging of Jerry's watch from the trash threatens to expose to Morty and Helen that Jerry threw their gift away, as all four sit at dinner. Meanwhile, Helen pressures Jerry to ask the restaurant hostess out, making him hesitant despite the hostess's flirtatiousness.
Susan notifies George that NBC president Russell Dalrymple has called George's bluff and rescinded Jerry and George's pilot order, since—just as Jerry predicted—they have nothing of merit over any other contenders. Desperate to appeal to Dalrymple immediately, George wrestles Susan for her purse, containing Dalrymple's home address.
To back up Elaine's effort to break up with Dr. Reston, Kramer calls Reston, posing as her boyfriend. Kramer puts on a show of intimidating Reston, but suddenly becomes deferential. Kramer accommodates Reston's request to speak in person, forgetting that he is free to refuse.
Despite not having his wallet, Morty fights with Jerry for the restaurant check as always; this proves futile when the maître d' turns down Morty's promise to pay by mail. Meanwhile, Jerry corners Leo in the men's room and demands to buy the watch back for far more than it's worth, but Morty catches them in the act. Later, Jerry indeed asks the hostess out, but discovers too late her bizarre, cartoonish laugh.
George seizes the concierge phone at Dalrymple's highrise apartment building and begs to be let in. Interrupting Dalrymple's dinner, George blathers on as if to close the deal, even as Dalrymple offers him nothing. With his dinner companion growing bored, Dalrymple finally agrees to George undercutting the original price, so that he will leave.
At Reston's office, Kramer is beguiled into gladly supporting Reston and Elaine together. Waiting downstairs, Elaine encounters "Crazy" Joe Davola, knowing nothing about him, and they hit it off. Davola consults Reston after Kramer, and gushes over his newfound love for Elaine.
Morty and Helen accept Jerry's apology, while George eats crow for his self-sabotage with NBC. Jerry thoughtfully replaces Morty's lost wallet, secretly loaded with money to also reimburse his lost cash. Seeing Velcro on the wallet, Morty sours on the gift and throws it away without seeing the cash. Uncle Leo, who is driving Morty and Helen to the airport, fishes the wallet out of the trash.