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 (thirty-six minutes after he was announced), of which include Bojack, who, after hearing the news while sitting in his bedroom with Ana Spanakopita, realizes that he doesn’t feel any happier.
Ana tells him to not "fetishize his own sadness".
She then tells him the story of when she was seventeen she snuck out to a frat party, and the icy roads caused her to accidentally drive her car into the dark lake. She couldn’t see anything and thought she would drown, until she saw that her air bubbles floated upwards, and that’s how she knew which way to swim.
She tells BoJack, who thought the story was terrifying, that if he feels lost or disoriented and doesn’t know what to do, just remember it’s important to breathe. BoJack still thinks he doesn’t deserve the award, but Ana assures him that the award is for special people, and everyone who ever thought he wasn’t special was wrong. 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 questioning why she doesn’t think he can be happy insulting her, saying things such as "you used to be cool and care about shit”, “you think you're better than everyone", and saying “I’m not like you I don’t fetishize my own sadness”.
Diane, furious, responds with telling him that after he wins his Oscar, he’ll go home and will be so miserable he’ll kill himself, and he’ll have no one around to stop him. BoJack scoffs this off, claiming the dozens of people chanting his name at his party prove that he will have people around when he kills himself.
He goes to his room and questions Ana iabout whether or not their not-so-professional relationship was only part of the Oscar campaign. She ignores him and says to stop worrying about the future. Surrounded by his "fans", Bojack gets into his new Tesla (which he demanded be parked in his living room) and accidentally backs up into his pool. He sees his air bubbles float upwards, but he closes his eyes. He 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 that his brother has a twisted spleen, Todd, by himself, tries to buy a larger office for their 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. Princess Carolyn, in return, tells her it was an honor to work with her.
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 nominee announcer 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 Oscars Mr Peanutbutter and Todd accidentally drop the phone after it rings, making them leave the area to find it. After doing so, it is revealed it was Captain Peanutbutter calling, and he announces 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 BoJack is a damaged person battling a lot of demons, and it would mean a lot to him if they mentioned him.
Todd reluctantly agrees. Mr. Peanutbutter announces the “nominees” and he and Todd flee back to his house. However, Mr. Peanutbutter answers the door to find Von Trap and his followers, and they 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.
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" after ranting that the restaurant is giving everyone water when there's a drought.
Princess Carolyn calls Ralph Stilton, who admits he hasn’t stopped thinking about her, and the two agree to a date.
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. BoJack claims Todd owes him for everything he’s done for him the last couple of years.
Todd replies that he was only nice to him because he felt bad about Emily. BoJack asks if he knew he had sex with her, to which Todd, shocked by this, says he didn't know, and says he thought he have one of his “weird monologues” about how sad he is, and it bummed her out.
BoJack tried to apologize, but Todd finally snaps and tells BoJack “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!.
BoJack says he knows and that he was drunk and under a lot of pressure with the Oscar campaign. As he begins to say now that it’s all over, Todd cuts him off and says, “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. Todd ends his speech by saying Fuck, man... What else is there to say?, showing that BoJack has once again destroyed a relationship.
- Characters only say "fuck" when their relationships with Bojack are permanently ruined. In Season 1, it was Herb, Season 2 was Charlotte, and now, it's Todd.
- After this, Todd moves out of Bojack's home.
- He also states the title of the episode in his backlash against Bojack: "It's you."
- After this, Todd moves out of Bojack's home.
- Princess Carolyn no longer appears in the kitchen.