Mozzie admits that he deliberately sold a Degas from the treasure to force Neal to chose whether to start their new life together or not. Peter has engaged art-expert FBI, suspicious-natured agent Kramer to assess Caffrey, whom they suspect to have hidden the treasure. Neal gets wind of their trap and makes Mozzie track the Degas, so he can replace it with a forgery in tycoon collector Elliott Richmond's penthouse. Matthew Keller is back and wants the treasure at any cost.

When scholarship funds from a prestigious prep school mysteriously disappear, Neal poses as a substitute teacher to help Peter and the FBI figure out where the money is really going.