Phony cops posing as SIU officers raid a warehouse where a counterfeiting operation has just finished printing twenty million dollars. The "officers" kill six of the counterfeiters. Jim the Pen Man gets away with five million dollars, but he gets hit by a car during his escape. The real SIU officer - Nash, arrives to take Jim the Pen Man into custody with Nash's date Whitney waiting in the 'Cuda.
Tracing a phony SIU bill receipt to a hotel, Bryn arrests Tony Bucelli, a counterfeit broker. Tony B. claims to be part of an SIU sting operation under the command of a bogus Lt. Hamilton. Playing along, Nash and Joe get Tony B. to reveal his deal with Hamilton - a laundering of the counterfeit money for real money at the rate of 50 cents cash for every dollar of funny money.
Meanwhile, Joe pulls Nash into another of Joe's off-duty freelance jobs. Joe and Nash must pretend to be a gay couple to get the job of locating gay football player Jack Conrad's Superbowl Championship ring. Jack's former lover Tim has taken the ring and Jack is willing to pay ten thousand dollars to get the ring back. A wedding invitation leads Nash and Joe to the wedding where Tim has been invited. While buying a wedding gift, Joe and Nash run into Pepe (the gay bartender who used to work for Joe) and Whitney. Pepe gives Whitney the mistaken impression that Joe and Nash are gay. Also, the initially reluctant Nash now suddenly wants this case because father Nick needs five thousand dollars to support a race horse.
The phony Lt. Hamilton is discovered to be Albert Foss, a former dishonored Secret Service agent now into counterfeiting. Foss kidnaps Jim the Pen Man to force him to re-make the missing five million dollars to complete the twenty million dollar package deal. Nash and company raid Foss's phony SIU operation, but Foss gets away. Nash and Joe get Tony B. to set-up the meeting to exchange the fake money for real. Before the meeting, Foss kills his partner Donny. Nash and the SIU arrest Foss and his money launderers in an auto wrecking yard. Nash and Joe get back the Superbowl ring from Tim, but not before Nash and Joe are announced as a couple at the reception. Nash wants to drop the pretense when they return the ring to Jack, but Nash decides not to hurt Jack's feelings. Whitney forgives Nash for the misunderstanding.
For more, see commentary for Episode 23