Pacey is riding high at work as his profits soar thanks to his connection with the biotech firm. Dawson calls him and tells him he wants out, but Pacey convinces him to give him a few more days. Dawson agrees.
Pacey finally asks out - and ends up sleeping with - his pretty reporter. Pillow talk reveals that she has a boyfriend, but Pacey shrugs it off.
Later, he comes into the office to find that the biotech stock has tanked and he has lost everything - as well as big bucks of his clients' money - and all of Dawson's. He talks to the reporter about it, but she is no help and admits that her boyfriend is really a fiancé.
Pacey goes to Rich and asks him to front him the money to pay back Dawson. Rick refuses and gets cruel calling Pacey a loser. Pacey loses it and attacks him. They grapple and eventually it ends with Rick firing him.
In the last frames, Pacey is seen outside Dawson's house, looking like he wants to die.
Jack finds David at the help line. He convinces him to go out with him the next night to talk.
David arrives at the bar, but sees Jack talking and laughing with another guy. He confronts Jack, and although Jack says it was innocent, David has had enough. He tells Jack that as far as he can see, Jack is only in the relationship to prove something to himself. Much to Jack's surprise, David breaks up with him and leaves him, telling him to take care and keep in touch.
Jack asks Jen if she thinks that he was in the relationship simply to prove something to himself. She's not sure. He tells her that he doesn't want to be that 35-year-old guy who's still alone, trolling the bars looking for a pick-up. Jen tells him that she doesn't think that everyone finds their life mate in high-school - or in their 20s - or even it their thirties. She tells him he shouldn't try to force it. Just relax.
He comments on how much C.J. obviously means to her and they hug.
Joey prepares for Hetson's final with Eddie's help. Audrey arrives and tells Joey that she is expected to attend Summer School to make up for the time she was in rehab. Joey tells her it makes sense, but Audrey sets out to find a way around it.
Eddie teases Joey about a surprise that she can have after the final is over.
At the final, Eddie tries to thanks Hetson for his help in getting into the Writer's Workshop. Hetson is typically snide.
After the exam, Eddie gives Joey her present - a backpack. She's confused. Inside she finds a book, How To Travel Europe on $5 a Day. She's still confused until Eddie tells her he wants her to go to Europe with him. She excitedly accepts.
Later, after the excitement has worn off, Joey starts to drag her feet and tells Eddie that they have to be practical. He wants to throw caution to the wind. They fight and she tells him to find somewhere else to sleep that night.
Later she goes to see Hetson who harasses her until she threatens to leave, and then reveals that she got an A- on the exam. Joey is ecstatic. Hetson tells her that she would have gotten an A, but he felt that her essay on Catch-22 was a little bleak. Joey balks, as the bleakness is Hetson's specialty.
But he makes her read a passage from the book that culminates in the statement that it's not running away if it saves your life. Joey has an epiphany regarding her plans with Eddie. She tells Hetson that she'll see him next year. He tells her he's not letting her into another of his s. She counters that she would never sign up for one of his s ever again - but that she will need an advisor. A moment of almost-warm fuzzies between them and then she goes.
Back at the dorm, Joey finds Audrey reading the book Eddie gave her. Audrey has come to the conclusion that there is no way around summer school. Joey tells her that she is going to Europe - Audrey tells her she is full of surprises.
After Audrey leaves, Joey finds a note from Eddie telling her that he is already gone. He wants to be the kind of person who lives life to the fullest without regret or limitation and he wanted to do that with her, but she wasn't that kind of person... yet. Joey looks sad as we fade to black.