Tracy regains his sense of smell after getting a ring taken out of the inside of his nose.  Liz smells like his absentee father so he starts treating her like his dad.  He wants her to be proud of him so he starts being very productive at work.  He also is neglecting his family because they all smell weird, so she makes him put something back up his nose.

The company is doing performance reviews, and everyone lies on them.  Pete says he wants to stay where he is five years from now, so Jack takes it upon himself to help Pete get ambition.  Jenna has a prank war with the writers, but they win as they take advantage of her niceness.