The action starts following the Loomis/Novick fight. A beat up "Gunner" Loomis complains to his mob bosses, Jay Braddock and Paul Mitchell, that they had promised him an easy fight. He wants out and will go to the DA if he doesn't get out. After some argument, Gunner is told that he will get his contract back. He goes to take his shower, and the mob hit man follows him in.
Jim drives his olive green sedan up to a large building to find the tape. He learns that Paul Mitchell was once an honest boxing promoter, whom Jay Braddock corrupted into joining him in the syndicate's control of boxing. They murdered Loomis after he defied them. The mission is to destroy Braddock and Mitchell's criminal operation.
As the plot is being discussed by the IMF team, we learn that Mitchell's daughter Susan is in love with boxer Pete Novick. Barney is going to play a rival mobster and Jim a hit man, each with records. Willy will be a special investigator in the state AG's office. Casey will pose as a reporter who will interview Novick.
During a Novick fight, Jim and Barney dress as guards and break in and steal the mob's take. After the fight, Casey interviews Novick and asks him about the mob's connection to boxing. He tells her that she should know better than to ask about that subject. She says she wants to talk to him privately, and he suggests that it should be at his pad.
Barney, acting as a tough, pops in on Braddock and Mitchell and tells them he wants to buy out Novick's contract and will pay $37,800, exactly the sum that was stolen earlier. Mitchell prevents Braddock from killing him on the spot, because that would be too dangerous.
Willy has outfitted Novick's car with a remote and given it to Casey. Casey and Novick drive off on winding roads. Casey pricks Novick and he eventually loses consciousness. Casey controls the car to a stop with the remote.
Willy drives up on his motorcycle and pretends to have been killed in an accident. Casey takes several pictures.
Novick wakes up the next day in his bed. Casey arrives and tells him he has been out after an accident where he hit and killed a man on a motorcycle. She shows him the pictures. She tells him she is working with the rival mob, a guy named "Spanner" (Barney), and they want him to sign on with them.
Novick goes to meet with Spanner, who insists that Novick must leave Braddock and Mitchell and sign on with him, or the photos will be delivered to the authorities. Novick tells all to Braddock and Mitchell and says that they have to let him out so he can play ball with Spanner. They tell him not to worry, they'll handle it.
Shortly thereafter, Willy shows up in his pose as representative of the AG's office. He knows about the theft they didn't report. He tells them about Spanner's "mean and hungry" organization. His office can help if they'll cooperate with a little testimony. He's told to get out.
Mitchell goes to meet with Spanner and asks if they can reach an arrangement. Spanner says that what he really wants is Pete Novick's contract.
Susan arrives at Novick's house angry that he stood her up. He tells her about the accident but insists that she leave him alone. She goes to her father for help. He tells her Pete is trouble and to get over him.
Braddock shows up and tells Mitchell that the only way out is to hit Novick. They call their mob contact, but the IMF intercepts the call and has their voice expert (Dave Rawls) impersonate the mob hit man. He says that they will send a new man, Reicker (Jim) to do the hit.
Jim meets with Braddock and Mitchell. He is told the hit must be that night and apear to be an accident. Braddock and Mitchell are going to come and see what they've paid for.
Jim gets ready to rig a bomb at Novick's house, with Braddock and Mitchell watching. Walker now impersonates Novick's voice and calls Susan to arrange for a meeting at the Regal Hotel on 3rd Street. Willy and Barney flash a badge at her and pick her up.
Casey dons a Susan mask. She arrives at Novick's house and goes in. Mitchell is horrified but Braddock tells him to stay put. Inside the house, Casey knocks Novick out for a second time, and Casey, Willy and Jim hustle Novick out the back way, after they set the clock bomb for 20 seconds. Mitchell breaks out of the car and runs toward the house to save Susan, but before he can get there the bomb goes off, destroying the house. Braddock and Mitchell believe that both Novick and Susan are dead.
Back at the syndicate office, Mitchell is distraught over Susan's death and tells Braddock he wants out. Jim arrives for his remaining payout. He and Braddock go into the next room.
Willy arrives to talk to Mitchell. He tells him that the bodies have been identified and asks him to testify against Braddock. Mitchell refuses.
When Braddock pays Jim off, Jim asks him when he should do the other job. Mitchell overhears this from the other room. After Jim leaves, Mitchell demands that Braddock tell him what the other job was. Braddock says it was nothing, Jim must have been mistaken. Mitchell tells Braddock he is sure that he has also been targeted. Braddock says that is nonsense and, to appease Mitchell, Braddock indicates that he is going to take Reicker (Jim) out.
In the next scene, Jim, unaware that Braddock is after him, tells Willy that he should move in as soon as Mitchell is convinced Jim is going to kill him on Braddock's orders. Jim collars Mitchell when he comes down the stairs and takes him off into the boxing arena at gunpoint. Braddock and Willy follow. Willy spots Braddock preparing to shoot Jim in the back and just manages to reach him before he shoots, deflecting the shot. Willy reaches Jim and Mitchell, and Mitchell breaks down and tells Willy that Jim is a hit man and that "I'll tell you all about anything you want to know."
In the final scene, the IMF team meet with Novick and Susan. Jim explains that Mitchell will have to do some time, but that he is sure that Mitchell will be happier once he meets with her.