Template:Spoilerstart The episode begins with Richard telling Gumball the story about a watch, one of the Watterson's heirlooms. He explains that the watch was fought over by the Wattersons and the Finklehimers, explaining his father's victory at a yodeling contest and him giving it to Richard when he was still a young boy. Then he finally ends his discussion with Gumball by giving him the watch, following family tradition.
In the next scene, Gumball is on the bus with Darwin. He shows the watch to his brother, and says that it is useless since it cannot tell time at all (the watch actually having roman numerals which Gumball does not know how to read). Darwin reveals that he was also offered the watch before Gumball received it. He tells Gumball that he declined to have it since it was "busted up cowboy junk." Gumball then asks Darwin to hold the watch and pretends to tie his shoelaces. When Darwin realizes that he had been tricked by his brother (as Gumball does not wear shoes), Gumball tells him that "he who holds it, owns it." Darwin is forced to keep the watch.
While walking in the school hallway, Gumball is suddenly rushed on by Darwin who offers a deal. The deal is that he will keep the watch if Richard gives them a better gift, and if he gets to keep that gift. To this, Gumball agrees and both of them shake hands. Then Darwin asks Gumball to check his hands, hinting that he had tricked him while they were shaking hands. But then Gumball shows empty hands, and tells Darwin to check his hands instead. The latter becomes frustrated when he sees that the watch is still with him, and even more frustrated when Gumball disappears from sight. Then he sees his brother at the end of a hallway, doing "magic fingers" before disappearing from view.