While undercover as a Wall Street trader Neal (Matt Bomer), under the guise of his old alias Nick Holden, reconnects with a former business associate (Victor Webster) and uncovers a White Collar boxing ring where stock traders fight in the ring for insider information.
After agreeing not to share Ellen’s (Sprague Grayden) videotape with Sam (Treat Williams) Elizabeth (Tiffani Thiessen) discovers Neal has been talking with Sam behind Peter’s (Tim DeKay) back. While Neal works with Sam off the book Peter and Diana (Marsha Thomason) continue using FBI resources to do their own below radar investigation into Sam and Ellen’s death.
To help sell the con Neal has to introduce Peter as a private hedge fund manager and former Agent of the FBI as his source of inside information. This leads Peter to also join the White Collar Boxing Club, and square off in the ring with Neal in order to trick their mark into giving inside information directly to a FBI Agent.
With the help of Jones (Sharif Atkins) and Mozzie (Willie Garson), Neal and Peter choreograph their fight but when Peter’s investigation causes Sam to run and costs Neal his only source into his father’s past all bets are off as the two square off for real in the middle of the ring. The set-up to get the two of them in the ring is one of the show’s most contrived set-ups but it plays better than it sounds and leads to a serious wedge between the series’ two leads heading into next week’s mid-season finale.