Contains spoilers for this episode and earlier episodes.
Hanzee returns with Rye's belt buckle, but Dodd presents Ed as a Kansas City assassin called the Butcher. The Gerhardts attack Joe Bulo's hunting party. Hanzee kills Bulo and one Kitchen brother, and Bulo's head reaches Milligan in a box. Milligan then threatens Simone unless she spies on her family. Dodd sends Virgil and Bear's son Charlie to kill Ed. Charlie initially cannot do it: he talks with Noreen, buys meat and leaves the shop. Virgil orders him to try again and eliminate witnesses. Charlie's second attempt starts a fire inside the building.
Lou escorts Ronald Reagan's campaign and asks the candidate about facing his wife's illness, receiving little practical comfort. Peggy urges Ed to flee to California, but he insists on staying and buying the butcher shop. She considers leaving alone, then sells her car to raise the money he needs. At the burning shop, Virgil attacks Ed, who kills him with a cleaver. Ed gets Noreen and the injured Charlie outside before the fire destroys the business. He returns home to find Peggy ready to give him the proceeds from her sale. Ed tells her that the shop is gone and they must leave town. Police sirens approach before the couple can escape.