Contains spoilers for this episode and earlier episodes.
Carcetti and his staff learn McNulty’s serial killer is a hoax, while McNulty and Freamon discover who leaked courthouse documents to Levy. Levy recognizes that police used an illegal wiretap. Pearlman negotiates a settlement to keep it out of court. Another homeless man’s death reveals a copycat inspired by the press frenzy, and Daniels and Rawls order McNulty to catch him before reporters connect the crimes. McNulty identifies a mentally ill homeless man as the killer; Carcetti takes credit for the capture and Marlo’s arrest. Daniels refuses to falsify crime figures for the mayor and resigns when Campbell threatens to expose his past.
Slim Charles kills Cheese for his role in Joe’s murder. Michael becomes a stick-up man and robs Vinson’s rim shop, while Marlo leaves a society party and returns to the corner after young dealers fail to recognize him. McNulty finds Larry and drives him back to Baltimore. Gus stands by careful reporting, but Templeton wins a Pulitzer. Carcetti becomes governor, Campbell mayor and Valchek commissioner. Freamon returns to making miniatures; Pearlman becomes a judge and Daniels a defense attorney. Bubbles shares dinner with his sister, while Dukie uses money from Prez to buy heroin. The montage ends with McNulty driving Larry toward Baltimore, looking out over the city from Interstate 83.