The episode begins with Mr. Peanutbutter announcing the Oscar nominees, thirty-six minutes after he was announced. The nominees include BoJack, who, after hearing the news—while sitting in his bedroom with Ana Spanakopita, realizes that he doesn't feel any happier.
Ana tells him to not "fetishize his own sadness."
She then tells him the story, of when she was seventeen she snuck out to a frat party, and the icy roads caused her to accidentally drive her car into the dark lake. She couldn't see anything, and thought she would drown—until she saw that her air bubbles floated upwards, and that's how she knew which way to swim.
BoJack remarks that it was a terrifying story. She tells BoJack, that if he feels lost or disoriented, just remember it's important to breathe. BoJack still thinks he doesn't deserve the award, but Ana assures him that the award is for special people, and everyone who ever thought he wasn't special was wrong. BoJack decides to "party like it's 1982" at his home to celebrate.
While going completely overboard with partying, Diane visits BoJack to make sure he's okay—knowing how he's still an "empty husk." BoJack, however, responds to her care by questioning why she doesn’t think he can be happy. He then insults her, making statements such as "you used to be cool and care about shit,” “you think you're better than everyone," and saying “I’m not like you; I don’t fetishize my own sadness."
Diane, who is now furious, responds with telling him that after he wins his Oscar—he'll go home and will be so miserable he'll kill himself with no one around available to stop him. BoJack scoffs this off, claiming the dozens of people chanting his name at his party, proves that he will have people around when he kills himself.
He goes to his room and questions Ana about whether or not their not-so-professional relationship was only part of the Oscar campaign. She ignores him and says to stop worrying about the future. Surrounded by his "fans," BoJack gets into his new Tesla, which he demanded be parked in his living room, and accidentally backs up into his pool. He sees his air bubbles float upwards, but he closes his eyes. He is saved by Mr. Peanutbutter, who's there to tell him some "good news and some bad news."
One week earlier
After many nihilistic remarks from Mr. Peanutbutter in the background, with him, still sad from hearing that his brother has a twisted spleen, Todd, by himself—tries to buy a larger office for their cab company, Cabracadabra.
Elsewhere, Princess Carolyn, due to BoJack's absence, is forced to fire Diane. Diane is unaffected and was thankful to be a part of her company. Princess Carolyn, in return, tells her it was an honor to work with her.
Mr. Peanutbutter, alone at home, is still sad after calling his ill brother, Captain Peanutbutter.
He gets a call from Shep Von Trapp, who offers him the role of Oscar nominee announcer after Jimmy Fallon, the original host, was hit with a bus outside of Halloween in January. He was trying to take a selfie, and "broke his face." Not long before his surgery, Captain Peanutbutter talks him into doing it despite his melancholy. He says, he'll call Mr. Peanutbutter later.
Later, at the Oscars, Mr. Peanutbutter and Todd accidentally drop the phone after it rings. They leave the area to find it. After doing so, it is revealed it was Captain Peanutbutter calling, and he announces his surgery was a success—but before celebrating, Mr. Peanutbutter realizes that the red envelope containing the nominations handed to him by Shep Von Trapp was gone. They decide, after tricking and running away from Von Trapp, to make up the nominees by looking at the list of actors.
Mr Peanutbutter, after mentioning BoJack to Todd, is surprised by Todd's angry remarks on whether or not BoJack was their friend. Todd says he's tired that BoJack walks over everybody but still gets what he wants, but Mr. Peanutbutter says that BoJack is a damaged person battling a lot of demons, and it would mean a lot to him if they mentioned him.
Todd reluctantly agrees. Mr. Peanutbutter announces the “nominees” and he and Todd flee back to his house. However, Mr. Peanutbutter answers the door to find Von Trapp and his followers, and they eerily state that they "know what [he] did."
Mr. Peanutbutter says that the good news was that his brother wasn't sick anymore, and the bad news was that he wasn't nominated for an Oscar. BoJack is deflated, but Mr. Peanutbutter accidentally mentions afterward Todd's desire to not nominate BoJack and ends the conversation by promising him "none of this matters" and leaving.
Princess Carolyn's company is going downhill, but her sadness is temporary, as she takes the advice of her assistant, Judah Mannowdog who says that she should use this opportunity to restart her life.
At a diner, Diane complains about BoJack to one of her friends, Roxy, who wonders why she's still hanging out with BoJack. She doesn't reply directly to the question, stating that "nobody thinks about the world outside themselves" after ranting that the restaurant is giving everyone water when there's a drought.
Princess Carolyn calls Ralph Stilton, who admits he hasn't stopped thinking about her, and the two agree to a date.
BoJack wakes up in a practically destroyed house, all alone. BoJack, desperate, realizes he can't reach Ana on the phone, whom he "need(s)." BoJack then antagonizes the recently returned Todd, ordering him not to leave him like everybody else, and confronting him about Todd not wanting him to be nominated. BoJack claims, Todd owes him for everything he's done for him, the last couple of years.
Todd replies that he was only nice to him because he felt bad about Emily. BoJack asks if Todd knew he had sex with her. Todd, who is shocked learning this, says he didn't know or expect it to be that. Todd then goes on to say, he thought BoJack had one of his “weird monologues” about how sad he is, and it bummed her out.
BoJack tries to apologize, but Todd finally snaps and tells BoJack “You can't keep doing this! You can't keep doing shitty things and then feel bad about yourself as if that makes it okay! You need to be better!"
BoJack says he knows and that he was drunk and under a lot of pressure with the Oscar campaign. As he begins to say now that it’s all over, Todd cuts him off and says, “No! No, BoJack, just...Stop. You are all the things that are wrong with you. It's not the alcohol, or the drugs, or any of the shitty things that happened to you in your career or when you were a kid. It's you. Alright? It's you."
Todd ends the episode with an f-bomb, "Fuck, man...What else is there to say?" Thus ending his friendship with BoJack.
|Will Arnett||...||BoJack Horseman|
|Amy Sedaris||...||Princess Carolyn|
|Alison Brie||...||Diane Nguyen / Cow Waitress / Announcer|
|Paul F. Tompkins||...||Mr. Peanutbutter / Giant Chocolate Oscar Guy|
|Aaron Paul||...||Todd Chavez|
|Diedrich Bader||...||Judah Mannowdog|
|Angela Basset||...||Ana Spanakopita|
|Kate Berlant||...||Stage Manager / Human Patron|
|Kevin Bigley||...||Shep von Trapp / Jimmy Fallon|
|Fielding Edlow||...||Roxy / Real Estate Agent|
|Raúl Esparza||...||Ralph Stilton|
|Mike Hollingsworth||...||Duck Patron|
|'Weird Al' Yankovic'||...||Captain Peanutbutter|
|Constance Zimmer||...||Skinny Gina|
- Characters drop f-bombs when their relationships with BoJack are permanently ruined. In Season 1, it was Herb, Season 2 was Charlotte, and in Season 3, it's Todd.
- Todd states the title of the episode with his rant with BoJack: "It's You"
- The song that young Todd sings in the flashback where he bangs on his butt like a bongo drum is a parody of Day-O (The Banana Boat Song)
- The four turtles that Mr. Peanutbutter and Todd pass by as they chase Mr. Peanutbutter's phone through the sewer are a reference to Teenage Mutant Ninja Turtles, as their head and armbands are the same colors as Leonardo, Donatello, Raphael, and Michelangelo. Their placement in the sewers is likely a reference to the TMNT lore that the four titular turtles live in the sewers.
- Debra, No-More-Excuses Guy, Jewelry Shop Girl, Shenanigags members, Girl Croosh staff and seven BoJack's dates, One Night Stand, Cabracadabra staff, and Secretariat crew are among the guests.
- Princess Carolyn no longer appears in the kitchen.