Mr. Peanutbutter announces the Oscar nominees. BoJack surrounds himself with admirers, but his real friendships are falling apart.
The episode begins with Mr. Peanutbutter announcing the Oscar nominees, of which include Bojack, who, after hearing the news while sitting in his bedroom with Ana Spanakopita, realizes that he isn't getting the accomplished feeling he wished for. Ana manages to convince him to liven up, and Bojack decides to "party like it's 1982" at his home to celebrate.
While going completely overboard with partying, Diane visits Bojack to make sure he's okay knowing how he's still an "empty husk", but Bojack responds to her care by insulting her, saying things such as "you think you're better than everyone". Diane, furious, responds with how he won't have anyone to stop him from killing himself if he keeps this up. Not only that, but Ana also ignores Bojack's questioning about whether or not their not-so-professional relationship was only part of the Oscar campaign. Surrounded by his "fans", Bojack crashes his car into the pool and is saved by Mr Peanutbutter, who's there to tell him some "good news and some bad news".
One week earlier.
After many nihilistic remarks from Mr Peanutbutter in the background, with him still sad from hearing how his brother's sick, Todd, by himself, tries to buy a larger office for the two's cap company, Cabracadabra. Elsewhere, Princess Carolyn, due to Bojack's absence, is forced to fire Diane. Diane is unaffected and thankful to be a part of her company.
Mr. Peanutbutter, alone at home, still sad after calling his ill brother, gets a call from Chef Von Trap, who offers him the role of Oscar host after Jimmy Fallon, the original host, was hit with a bus and "broke his face". Captain Peanutbutter, not long before his surgery, talks him into doing it despite his melancholy, saying he'll call him later. Later, at the Oscar's Mr Peanutbutter and Todd accidentally drop the phone after it rings, making them leave the area to find it. After doing so, Captain Peanutbutter says his surguery was a success, but before celebrating, Mr Peanutbutter realizes that the red envelope containing the nominations handed to him by Chef Von Trap was gone. They decide, after tricking and running away from Von Trap, to make up the nominees by looking at the list of actors.
Mr Peanutbutter, after mentioning Bojack to Todd, is surprised by Todd's angry remarks on whether or not Bojack was their friend. Todd says he's tired that Bojack walks over everybody but still gets what he wants, but Mr Peanutbutter says that it would mean a lot to him if they mentioned him. However, when the duo flee back to Mr. Peanutbutter's home, Von Trap and his followers eerily state that they "know what (he) did".
Mr Peanutbutter says that the good news was that his brother wasn't sick anymore, and the bad news was that he wasn't nominated for an Oscar. Bojack is deflated, but Mr Peanutbutter accidentally mentions afterwards Todd's desire to not nominate Bojack, and ends the conversation by promising him "none of this matters" and leaving.
Princess Carolyn's company is going downhill, but her sadness is not for long as she takes the advice of her assistant, Judah Mannowdog, who says that she should use this opportunity to restart her life. She decides to continue pursuing her love affair with Ralph Stilton, whom she met earlier.
At a diner, Diane complains about Bojack to one of her friends, Roxy, who wonders why she's still hanging out with Bojack. She doesn't reply directly to the question, stating that "nobody thinks about the world outside themselves".
Bojack wakes up in a practically destroyed house, all alone. Bojack, desperate, realizes he can't reach Ana on the phone, whom he "need(s)". Bojack then antagonizes the recently-returned Todd, ordering him not to leave him like everybody else, and confronting him about Todd not wanting him to be nominated. Todd replies that he was only nice to him because he felt bad about Todd's friend Emily. Bojack asks if he knew he had sex with her, to which Todd says he didn't know, and finally snaps.
His speech ends the episode on a solemn note:
You can't keep doing this! You can't keep doing shitty things and then feel bad about yourself as if that makes it okay! You need to be better!
No! No, Bojack, just... Stop. You are all the things that are wrong with you. It's not the alcohol, or the drugs, or any of the shitty things that happened to you in your career or when you were a kid. It's you. Alright? It's you.
Fuck, man... What else is there to say?