Chanel explains that she uses Black Friday to buy cheap, forgettable gifts for her friends. Chanel bribes a superstore employee to let her into the store half an hour early and taunts the ravenous shoppers by purchasing, dropping, or using all of the sale items right in front of them as they're pressed against the doors.
Dean Munsch comforts Zayday, who is traumatized at the sight of Gigi's head. The Chanels attempt to leave the house to go Black Friday shopping. Dean Munsch attempts to stop them from leaving but Chanel blasts the Dean, accusing her of being the murderer. The Chanels leave.
Gigi, Pete, and Wes go to the police station to follow up on Gigi's murder, since no one has responded to their 911 call. The terrible detective tells them that he, and most of the rest of the police force including the chief of police, had been fired by the Mayor because of their ineptitude in catching the Red Devil killer. He is packing up and leaving to go start an interior design business. He reassures them that they are interviewing for the new police force as they speak.
At the mall, Chanel discusses the purposely terrible gifts that she is planning on getting the other Chanels. The Chanels tell Chanel that they have bought her a Chanel alligator skin purse. She is confused as to why they would get her something she already has but they mention it is because of the Christmas spirit. Chanel is moved and decides to get all of the girls gifts that they will actually like instead. She decides on matching pink Jeeps as presents.
The Chanels move to leave and realize they are trapped, locked in the empty mall. The Red Devil shows up and they run. All of the Chanels except Chanel escape through the open grate. Chanel remains behind to confront the Red Devil killer, who she is sure is Dean Munsch.
Chanel taunts "Dean Munsch," until the Red Devil killer shoots Chanel in the shoulder with the crossbow. Chanel is saved by Denise Hemphill who shows up and announces that she is the new chief of police and was just hired that day. As Denise is talking on and on, the Red Devil shoots one of her fellow officers and escapes, knocking the huge Christmas tree down as he goes.
Chanel returns to the house, where she is essentially recovered from her wound and on painkillers. She assembles the remaining Kappa sisters and tells them that Dean Munsch is clearly the Red Devil. Zayday is unsure. Chanel insists that it is true and insists that they have no choice left but to kill Dean Munsch to put an end to her reign of terror. Zayday balks at the idea and refuses, but Grace backs Chanel up (to Zayday's visible displeasure). Grace and Chanel both vocalize the same method of murder (by poison) at the exact same time.
At the Dollar Scholars house, Chad surveys his now-empty common room (since all of the Dollar Scholar brothers were murdererd). He has invited Pete to the house for a reading of Boone's will. Chad reads out the will, revealing that Boone left all his belongings (including a box of lube and a buttplug) to Pete. Chad accuses Pete of having been Boone's secret gay lover.
Pete denies it and confesses that Boone was his source -- a plant in the Greek system who was reporting back to Pete, as Pete was investigating Kappa Kappa Tau. Chad reluctantly believes him. Chad and Pete then argue, with Chad bringing up the fact that Pete unsuccessfully pledged the fraternity the year before and then proceeded to stalk Chanel, Chad's girlfriend. Chad invites Pete to join the Dollar Scholars, now that the fraternity is depleted. Pete refuses and Chad challenges him to a duel, per the rules of the Dollar Scholars. Pete declines the duel and leaves the house. Chad vows that Pete has forfeited his life and will be "murdered to death."
Chanel and Grace go to Dean Munsch's house and pretend to want to be mentored by her in the ways of feminism so that they can trick her into drinking poisoned apple cider. Munsch drinks the apple cider but remains alive. She yammers on about her experiences and stories from her youth. She assigns them a term paper.
Pete and Grace are in her room and Grace rants about Dean Munsch not dying. Pete suggests that it was a good thing, since Grace is not a killer. Pete mentions to Grace that Chad offered him membership in the Dickie Dollar Scholars and that he declined, citing the terrible aspects of the Greek system and mentioning that he occasionally sympathizes with the killer, who is just trying to "clean up" the mess the Greek system has made. Pete gives Grace a romantic speech and then attempts to sleep with her.
Grace declines, citing that though she wants to she isn't in the right headspace for sex at the moment. Pete says that she is worth the wait. Grace mentions that perhaps she'll be in the mood after they kill Dean Munsch. Pete reacts angrily to this, lecturing Grace that if she kills Dean Munsch she will embody all the worst parts of Kappa, the parts she's tried to escape from. He leaves Grace in the room.
Chanel gathers the girls to discuss alternative ways to kill Dean Munsch. Grace refuses, saying that if they kill her without an overabundance of proof they'll be no better than the Red Devil. Chanel takes a vote to kick Grace out of Kappa house. The Chanels all vote for it. They successfully vote her out and Zayday refuses to go with her, saying that Grace was right the first time and that Dean Munsch needs to be killed. Grace leaves. Chanel gasps, having come up with the perfect plan to kill the Dean.
Grace goes to her dad's house and finds Pete there. Wes and Pete were brainstorming the figure out the identity of the final killer. Pete reveals that he was able to get the records from Gigi's intake file at the mental institution which revealed that she had the same name as one of the girls who witnessed the 1995 Kappa girl's death (who later killed herself). Pete theorizes that Gigi's sister attempted to raise the babies herself but eventually couldn't handle the guilt and killed herself, spurring Gigi's vengeance plot. Pete leaves, saying that he is finishing up his investigative report and just needs the identity of the killer to finish it off.
Wes opens up to Grace about his sadness over losing Gigi, despite the fact that she raised his two children to be mass murderers. Grace opens up to Wes about her relationship issues with Pete. Wes is visibly uncomfortable about discussing the sex stuff, and bemoans that Grace has no maternal figure to talk to about this. He offers making her a playlist.
The Chanels convince Dean Munsch to enter a cryogenic chamber for a spa treatment (with the actual, secret intention of freezing Munsch to death). Dean Munsch emerges, appearing frozen, but is quickly revealed to be completely unharmed to the Chanels' shock and distress.
Pete is packing up his room to leave campus. He gets a phone call from an unknown person. He tells the person that he is leaving campus, as the person on the phone should. He admits that he feels guilty because "it's not who he is," and wonders why the person on the phone wants to take this so far. Pete hangs up the phone and opens his closet, peering forlornly at the Red Devil costume hanging there.
Chanel gathers Zayday and the other Chanels, asking them how it was physically possible for Dean Munsch to survive twenty seven minutes in the cryo chamber. Zayday suggests that Dean Munsch trained with Buddhist monks who have achieved a level of meditation that allows them to survive being outside in the Himalayas for extended periods of time. Chanel #5 mistakes the movie Teen Wolf for a documentary about a boy that could grow hair all over his body at will, and suggests Dean Munsch is something similar. Chanel writes off both suggestions.
Hester brings up the story of Rasputin, suggesting that Dean Munsch is like Rasputin. Hester explains that Rasputin was eventually killed via drowning. Chanel passes out cell phones to the girls, telling them that when she calls them the phones will light up red and that they should then meet her at the pool, where she will lure Dean Munsch for them to drown her.
Chanels #3 and 5 and Hester go to the mall and start trouble with a retail worker. They miss Chanel's call to come to the pool.
Chanel successfully lures Dean Munsch to the pool but she is alone. Chanel is visibly scared to be alone with Munsch, who is suspicious of Chanel for having lured her to the pool. The Dean leaves Chanel alone. Chanel angrily goes back to her room and writes the other Kappa sisters a long, scathing letter about how inept and idiotic they are.
Grace goes to Pete's dorm room and finds him getting ready to leave campus. She is hurt that he didn't ask her to come with him. She suggests that they go off together and have a romantic getaway at a cabin. She initiates sex and Pete is confused. Grace explains that she wants to give herself to Pete because, although they may not be together forever, she'll know she gave her virginity to a great guy. Pete backs off, remarking that he isn't a great guy and that she doesn't know him. Grace is confused and hurt, and tells Pete that she loves him. Pete explains that he doesn't want Grace's first time having sex to be with a murderer.