Teddy is officially back in the mix. The disgraced (now former) C.I.A. operative is meeting with the same man who outed him. Teddy wants to convince him that he could be used in a limited capacity; and he's been surveilling everyone; including Grady Williamson and Franklin Saint.

Grady meets with Franklin and asks Saint to take him flying in exchange for the price break on the coke. They talk about family life and women. Teddy is reporting back his findings on Grady, who he feels has gotten reckless and is too connected to Franklin. When the subject of what happened to Alton Saint is broached, Teddy claimed no knowledge of the murder of Franklin's dad. Nonetheless, it's now Teddy's to reign in Grady.

Veronique's savvy is proving quite useful for Franklin. She maps out a legal strategy for the business; as Franklin offers to give her a major portion of what's next. Franklin and Veronique pitch a high-profit commercial real estate deal to Jerome and Louie: the buy-in is $10 million dollars. The deal involves moving their money from Panama to the States. But Jerome and Louie are hesitant; that figure would stretch them very thin. They needed to discuss the details.

When Louie asks Franklin about Rob, Franklin lets her know that their old friend is "out." When Louie asks him to elaborate, Franklin makes it clear that Rob's addiction made him a liability and he's no longer a problem because Franklin took both Rob and the dangerous Thad out of the picture.

As Gustavo drops off his niece and nephew at school, Teddy shows up to inform him that Teddy would be replacing Grady. Teddy asked about Lousia and he let that ghost go to focus on this family. Teddy asked Gustavo for loyalty moving forward, promising protection for the former wrestler. When Jerome and Louie meet with Avi to automatic weapons, he marvels at the closeness of their relationship. When Jerome balks at being compared to Bonnie and Clyde, Avi says that he doesn't mean it tragically; he just admires their partnership.

Franklin calls Cissy, who's still hiding in Cuba. He wants to tell his mother that Veronique is pregnant; but the international connection is bad.

Wanda is trying to make her phone sex job work, but when she notices her paycheck is short he confronts her boss. He tells her that he docked her pay to help cover FCC fines for the company, to which she complains. So her boss makes her an offer: sexual favors and we can work something out. She pretends to consider the offer before cursing him out, knocking over the coke on his desk and quitting. She tracks down Leon to ask for a job, but he refuses. Her past as an addict is a liability.

When Franklin visits Leon in the projects and he had just returned from taking a busload of kids to the ocean shore as inspiration. The two friends talked about the real estate development opportunity, but Leon decided not to take part, content with his current level of success. They discussed Rob; Leon felt he could have gotten clean. But Franklin believes they were too exposed and Rob was a problem. Franklin also tells Leon that Veronique was six weeks pregnant. The operation had to remain tight-knit.

Teddy has snuck into Grady's place. His concerns over Grady's intermingling with Franklin Saint (as well as his connection to the stripper/dealer duo of Black Diamond and Dallas) have gone beyond just "inappropriateness." Grady recognizes Teddy, who confronts Grady about stealing seven figures from the operation. Grady scoffs at any moral indictment of his stealing; and Teddy informed him that his contract was canceled. Grady's response? Placing his gun the table. Grady realizes that Teddy was the agent he replaced. Grady then ridiculed Teddy for his misguided devotion to the job, while also seeking personal gratification and glory. Teddy gave him a day to pull out. But Grady had a warning: he knows too many secrets that the CIA wouldn’t want to be revealed.

Later that night, as Grady prepares for bed, he collapses after taking a drink of water, poisoned. Teddy emerges and tells the dying Grady that “Your waste cost countless lives.”

At Franklin's home, there's a knock on the door. Franklin initially believes it's Veronique, but it's his old partner Teddy. The corrupted agent confronts Franklin; about being in bed with his contact, about sharing real estate deals. Teddy admits to taking out Grady and now they are working together. Franklin told the agent about Grady’s deal; and still calls him "Reed," the name he's always known "Reed Thompson" by.

Teddy corrects him as he walks out the door: he can call him "Teddy."