After beating a man to death with his shield in last week's episode of The Falcon and The Winter Soldier, a clearly distressed Captain America takes refuge in a nearby warehouse where he's confronted by Sam Wilson and Bucky Barnes. They try to talk him down, but he soon realises that they're here to take the shield from him. A fight ensues which sees John Walker - who is out for blood - overpower both men, but it's ultimately teamwork that brings him down and Bucky drops the bloodied shield by Sam as he walks away.
Back in the U.S., Walker is stripped of his military rank, future benefits, and the mantle of Captain America; the government has turned its back on him, but he remains steadfast that he's still Captain America. Outside, a woman approaches the fallen "hero" who introduces herself as Contessa Valentina Allegra de Fontaine. She assures John that he did the right thing killing that man and taking the serum, and makes it clear he should answer the phone when she calls.
The Flag Smashers regroup and Karli decides it's time to take action. Bucky, meanwhile, finds Zemo at that memorial in Sokovia. While he holds a gun to the villain's head and pulls the trigger, the clip is empty, and the two men seemingly forgive each other before the Dora Milaje take Zemo to The Raft. Ayo makes it clear that Bucky is better off staying away from Wakanda for the time being, but he asks her for one final favour (which he later delivers to Sam in a case).
Talking of Sam, he visits Isaiah Bradley again and learns his story. The super soldier was among a number of men who were injected with the serum without being told what was happening, and after breaking out of captivity to save his fellow soldiers (the government planned to blow them all to hell to hide the evidence), he was sent to jail and experimented on for decades. During that time, his wife passed away believing he was dead, and it was only thanks to a nurse he was finally able to escape. Isaiah believes America would never let a Black man be Captain America and says no self-respecting Black man would ever want to be Cap, anyway.
A dejected Sam heads home to his sister, Sarah, and spends some quality time with family and friends repairing their boat. Bucky eventually arrives to help, while Walker visits Lemar Hoskins' family and allows them to believe the man he killed was his friend's murderer in order to give them some peace. In Madripoor, Sharon's seemingly villainous motivations are revealed when we find her recruiting Batroc for an unknown mission.
Later, Sam and Bucky train with the shield and have a heart-to-heart. Bucky apologises for not understanding what it meant for a Black man to be handed the shield, while Sam points out that if he really wants to make amends to those on his list, he needs to stop Avenging, and start doing something for them. They go their separate ways but agree that they're "partners" and "co-workers." After talking to his sister, Sam starts training hard with the shield and makes real progress.
In New York, Karli and her crew - now joined by Batroc, who plans to kill The Falcon - attack a GRC meeting that will see those who found refuge in other countries during the Blip sent back to their homes (well, resettlement camps, for the time being, it seems). Knowing what they're up to, the episode ends with Sam opening that case with a determined look once he sees what's inside. You can read about the mid-credits scene by clicking here.