When a girl sees Shawn holding Jack's philosophy book, he tells her he's in the class. As it turns out, so is she. She promises to save a seat for him.
Shawn decides to go to a where he impresses the professor with supposed philosophical insight. Not only is the girl impressed, but Shawn realizes he likes philosophy. The is assigned a paper on Schopenhauer, and Shawn skips Mr. Feeny's to write it. Mr. Feeny, knowing Shawn won't go very far without a highschool diploma, gets angry and suspends Shawn.
Shawn thinks he doesn't need high school and goes to hand in his paper. Having worked very hard, he's shocked when he gets an F. The professor tells him his ideas are good, but the paper was poorly written; he doesn't know "the basics". (Mr. Feeny will later point out that the entire paper is one sentence.)
Shawn comes to the realization that he still needs high school, and goes to Mr. Feeny to apologize. Feeny looks at Shawn's paper. Impressed with Shawn's ideas, he promises to teach him the basics. Shawn realizes that college is a goal worth working towards.
Meanwhile, when his attempt to join a fraternity doesn't go as planned, Eric decides to create his own. He hands out flyers for a party, which draws the attention of the skeptical Dean Borack.
In order to alleviate suspicions, Jack hires The Love Boat's Ted Lange and Bernie Kopell, to pose as celebrity alumni of the new fraternity, now dubbed "Magnum Pi". The dean is a fan, but he knows the fraternity is fake. He tells the boys that Magnum Pi will be shut down the next day, allowing the boys to have a first and last party.