A professor and his family moves next door to the KT house in this episode, and as graduation looms, friendships are tested.

Beaver tells Cappie that he slept with Rebecca, but Cappie isn't so sure he believes Beaver. Cappie confirms with Rebecca and asks her why she's behaving this way. She says she's not going to break up with Evan, she just doesn't feel comfortable getting too close with him, and this is a way of keeping her emotional distance. She realizes that she's not wearing the necklace that Evan gave her, and she has no idea where it is. She spends much of the episode searching various couch cushions to try to find it.

Grant reveals to Evan that $500 petty cash is unaccounted for, and he thinks someone within Omega Chi stole the money. Of course, Evan is a likely suspect, since he's strapped for cash, and just bought Rebecca that stunning necklace (which she can't find anywhere). He brings the matter to all the brothers, and they turn on each other quickly with accusations.

Grant suggests to Calvin that Evan is the thief. Calvin is pretty sure that he can trust Evan. He comes up with an idea: he gives out unmarked envelopes to all the brothers and asks that they all return them by a deadline. Additionally, the person who took the $500, should return the money in their envelope, anonymously, no questions asked. That way, the money would be returned, but no one would be punished.

It works: the money is returned. However, Calvin did mark one of the envelopes: Evan's envelope. He had done it, though, to convince Grant that Evan was trustworthy, and it turns out that Evan's envelope had the stolen money. Grant feels betrayed.

The Kappa Taus have a new neighbor: Professor Hilgendorf moves next door, which does not thrill the KT brothers so much, especially when he threatens to rain on their party parade. But the boys decide to kill 'em with kindness, hoping that Prof Hilgendorf will be excited to relive his youth among the KT brothers. He takes the bait and Cappie makes Professor Hilgendorf, or Tom, an honorary pledge (nickname: T-bag). And it looks like Cappie has found himself a mentor and may be well on his way to declaring a major - well, maybe.

T-bag is  quite the party animal. He is spending all his time at the KT house, and hiding from his wife. Cappie and T-bag are really hitting it off, but his presence is creeping out the other KT brothers. Rusty decides to haze his new honorary pledge to try to make him return to the other side of the fence, but T-bag enjoys every minute of the so-called torture!

His partying gets a little out of control, however. When Officer Huck stops by to issue a noise complaint, T-bag has to hide under the pool table to avoid being caught, along with his 16 year old daughter who was also sneaking off to the KT party. The KTs take it upon themselves to get a very drunk Tom Hilgendorf back home in bed before Officer Huck sees him or worse - his wife finds out. Undressing him from his party costume, Cappie finds Rebecca's necklace stuck in Tom's chest hair. Why? Ew.

Prof Hilgendorf is grateful for the KT's help, but he decides to retire his partying days. Nonetheless, he's lifting the rules he had imposed on them earlier and decides he will live vicariously through the boys, since he's too old to do it again himself.

Casey is extremely focused on law school admission, much to the detriment of ther friendship with Ashleigh and her sorority obligations. Ashleigh is beginning to feel neglected, especially since Casey has been spending more time with Katherine, who is useful to Casey now, since Katherine is already into law school and can help her with her personal statement.

Casey is also receiving assistance from new mentor Joel, who reveals that he married quickly after graduating college and just as quickly got divorced. He expresses the sentiment that not all people are meant to be permanent fixtures in our lives. Casey is obtaining a lot of good advice from Joel, and their chemistry seems to be budding.

At a freshman dorm reunion party, a former roommate brings to light the possibility that living together is the only reason that people become friends. Ashleigh and Casey wonder if that applies to them. In the campus laundry room where they first met, they question whether they're growing apart, and whether their friendship has lasting power. They decide they're the real deal.