Full episode spoilers.
Borg waits for the execution Ragnar has promised him while Horik tries to keep the condemned jarl useful to his own plans. Ragnar still needs ships and fighters for a return to England, but another alliance becomes possible when Lagertha arrives as an earl in her own right. She offers her support as an equal, giving Ragnar a partner whose force can help replace what he would lose by killing Borg.
Floki learns that Helga is pregnant and worries about what kind of father he can be. They marry, while his exclusion of Ragnar from the wedding makes the apparent distance between the friends more visible. Horik listens to Floki's dissatisfaction. Siggy also faces danger within her relationship with Rollo when he confronts her over Horik. Across the sea, Ecbert and Aelle bind their alliance through a marriage between their children.
The episode ends with Borg's public execution. Ragnar carries out the blood eagle before the assembled community, turning his promised revenge into a ceremony that the others must witness. Borg endures it without the cry that, within the show's religious account, would cost him entry to Valhalla. The execution removes him from the alliance negotiations entirely. Lagertha's return leaves Ragnar able to prepare another voyage without granting the forgiveness Horik had asked of him.