It is nearly time for the Seattle Christmas Parade, and Frasier, who as a child viewed this event as marking the official start of Christmas, is keen to co-host the KACL coverage with Kelly Kirkland (Bess Armstrong). He ingratiates himself by inviting her for a meal at his apartment, and prepares dishes that have featured in her Channel 6 show. She is very happy to give him the job, but the following day Kelly announces that she has food poisoning and is unable to host at all. Frasier finds himself co-hosting with Dr. Mary Thomas (Kim Coles), recently returned to KACL by popular demand.

KACL has nine nominations in this year's Seattle Broadcasting Awards, and Frasier is being given the Stephen R. Shafer Lifetime Achievement Award. He receives some flowers and a congratulatory note from his old Harvard mentor, Dr. William Tewkesbury (René Auberjonois). He begins to worry that the note says "you must be very proud", and not "I am proud of you". He decides to call on Dr. Tewkesbury before attending the award ceremony, to ask him about a possible subtext in the note. There is none; his secretary wrote it for him. However, the ensuing conversation sets Frasier thinking about his achievements, and he suddenly feels a terrible sense of emptiness. Meanwhile, Martin is doing his best to give Niles constant reassurance that, although Frasier is the one receiving an award, Niles is just as successful. Niles is touched, but finds his efforts a little tiresome. Daphne has continued to eat constantly and put on weight, and Niles is the only one who has not noticed.

In the wake of his conversation with Dr. Tewkesbury, Frasier has decided to stop defining his success by his career, and to focus on his son. To this end, he invites Frederick to stay for the weekend, and makes several plans for edifying activities. He is disappointed when Frederick, now thirteen, arrives and shows no interest in spending time with his father. He prefers watching MTV, playing on his Game Boy and talking on the phone with his friends. Frustrated, Frasier decides to take his son on a camping trip, so they can bond away from all electronic distractions. When Frederick protests Frasier decides to bring Martin as well. Meanwhile, Daphne is trying to set Roz up with Niles' squash partner, an attractive surgeon called Jack, but Roz is distressed when he cancels at the last minute, claiming a medical emergency.

While attending a science fiction convention for the benefit of his son, Frasier spies Jackson Hedley (Derek Jacobi), an actor whom he remembers from childhood; it was Hedley who first introduced him to the delights of William Shakespeare. Hedley has long since given up the stage and now plays an android called Tobor in a TV show named Space Patrol. Frasier and Niles decide to revive Hedley's career by producing a one-man show for him. Hedley is delighted by the proposition. However, when they see him in action, they realise that he is a dreadful actor, but they had been too young and naïve to perceive this when they were boys.

Frasier is in Café Nervosa trying to decide whether to wear a smart suit or a casual sweater to go speed dating. The episode has two parallel storylines, which interchange throughout. They diverge at the point where he makes the decision: in the first, he chooses the suit, and meets and dates a woman called Monica (Charlotte Ross), who breaks up with him after he treats the relationship too intensely. Daphne decides to cook a special meal for Niles, but accidentally includes an ingredient he is allergic to. As a result, he falls ill which ruins a surprise trip to Cancun he had planned for the two. In the second storyline, Frasier chooses the sweater, and goes speed dating but has a miserable evening. Daphne and Niles prepare for their trip to Cancun, as Fraiser told Daphne about Niles' allergy before she put the ingredient in. Roz arranges a blind date for Frasier, who turns out to be one of the women he encountered speed dating. The two storylines converge when both versions of Frasier, after listening to an enamored caller on a repeat broadcast of his show, decide to make a U-turn towards the restaurant where the caller had mentioned she was the chef and had suggested meeting her there any time. During the credits scene, Martin ends up doing the same thing in both scenarios: relaxing in his chair, drinking beer, and petting Eddie.

Frasier receives four free tickets to a Seattle SuperSonics basketball game from a grateful caller and Martin is delighted, thinking his son put a lot of effort into getting them. They both go with Niles to the game, and Martin sells the fourth ticket. Niles's seat number is selected to attempt a shot at the basket at half-time with the chance to win a pickup truck. He makes the shot, and spends the next few days enjoying the fame. Frasier soon becomes annoyed at all the glory Niles is receiving for a fluke shot. Meanwhile, Roz has started dating a Frenchman who speaks no English.

Roz has the chance to create her own documentary, and she has decided to use the theme of outer space. Frasier persuades her to let him act as narrator, assuring her that he has no problem working for her for a change. However, at the first meeting they have with the scriptwriters, Frasier makes many suggestions and Roz dismisses them all. This leads to an argument, in which she accuses him of being overbearing and he quits the program. The atmosphere between them is tense for a while afterwards, with neither agreeing to apologize or back down. Then Roz announces that she has replaced Frasier with former astronaut John Glenn. Frasier is furious, but determined to prove that she was shutting him out deliberately. Meanwhile, Martin and Niles decide to build a kite together for the recently reinstated spring kite festival. They are extremely proud of their dragon, but Martin forbids Niles from testing it outdoors. Niles, however, cannot resist the temptation of the balcony.

Jane Leeves does not appear in this episode.

Bryce Academy is in danger of closure, and Frasier and Niles are desperate to find benefactors to help save their old school. Having no success with alumni, they decide to organize a party for some wealthy friends of theirs. Among the guests is Penelope Janvier (Barbara Babcock), a rich widow with her own foundation. Martin meets her first, and she asks him out, much to his sons' surprise, although they realize this could prove useful to them. They are even more surprised some time later, when Martin returns from dinner with Penelope, and has another woman with him called Estelle. He announces that he plans to juggle the women, as he has seen Frasier do.

On the night of Niles' inauguration for a second term as Corkmaster of the Wine Club, Frasier arrives late and announces his resignation. He plans to host a new segment on KACL at the end of Gil Chesterton's Restaurant Beat, called the Wine Corner, and he prefers not to do both. Frasier invites the members of the club to call into the show to enliven the discussion. He is subsequently disappointed to receive no calls from them. He discovers that Niles, annoyed at being upstaged at his inauguration, is using a rule in the Wine Club constitution to prohibit all Wine Club members from calling in. This leads to a rift between the brothers, which Martin refuses to tolerate. He, meanwhile, has a temporary new physical therapist called Frederica who works him very hard but provides excellent food.