The episode starts off with the gang gathering at The Max after taking their last final to reminisce about all of the times theyve had together at Bayside. The jubilation soon turns to grief however as Belding calls Zack into his office and tells him that he is one credit short of graduating. With all the other classes already over the only way for him to earn that credit is to participate and peform in the schools ballet recital. After pulling a few strings he gains entry into the class even though he knows absolutely nothing when it comes to ballet. Just when it seems like hes getting the hang of it, all the other nerds in the play get sick and drop out, thus ending any hopes of the play going on and killing any hope Zack had for that extra credit he needed to graduate. Zack convinces his reluctant male friends (Slater and Screech) to fill in the vacated roles which they oblige. The play goes on and although it had its ups and downs, in the end it was a success thus giving Zack the one credit he needed to graduate. After the play all the gang (minus Zack) are sad that these are their last moments at Bayside. Zack on the other hand tries the tough guy approach on some "cant wait to bust out of this joint for good."
Fast foward to the graduation ceromony. Jessie was all hyped up about being Validictorian. Although she thinks she won it fair and square she was wrong. It turned out that Screech had a higher GPA but knew how much it meant to Jessie so he turned it down so Jessie could have it. Jessie finds this out and during her speech hands the reigns over to Screech, the real Validictorian. As we all know he sucks with speeches so he gives the microphone to Zack. Zack gives props to all his friends and in the end realizes that he is going to miss Bayside more then anyone and that he was putting up a front with his earlier tough guy approach.
The diploma giveaway ceremony was emotional as Belding handed each student their diplomas one by one. Zack got his last and after exchanging a few heartfelt words the two of them share a hug which was an awesome gesture IMO. The episode ends with Zack saying that he finally finished high school and he tosses his graduation cap up in the air as do the other students which concludes this chapter in Saved By The Bell history.