Cory is excited when he wakes up to find a birthday present from his dad, on his face. He's disappointed, however, when opening the box reveals two sliver mittens hanging from a necklace.
When Cory returns home from SCUBA club, Eric asks him where the necklace is. Cory realizes he must have left it at the pool and shrugs. He'll find them tomorrow.
Later, Alan comes in to apologize for not explaining the gift earlier. As it turns out, Alan was awarded the necklace for coming in 2nd in his weight in the entire US Navy. They were not mittens, they were boxing gloves!
Not wanting to upset his father, a panicking Cory quickly retraces his steps. Ignoring Mr. Feeny's instructions to never dive alone, Cory searches the bottom of the pool. When Mr. Feeny shows up and catches him, he scolds Cory; telling him that it's dangerous to swim alone.
At home, Alan, who was worried sick, tells Cory that losing the gloves would be nothing compared to losing Cory as his son. "I don't care about those gloves; I care about you!" he scolds. Fortunately, Mr. Feeny finds the necklace in the pool filter and returns it.