In an attempt to get back at Geoffrey, Will and Carlton give him a fake lottery ticket and trick him into thinking he won $26,000,000. As a response, Geoffrey quits and the boys must convince him to come back.
Will wants to take the next step in his relationship with his current girl Monique, but she is an old fashion girl and wants to wait until marriage. so him and jazz get together to set up a fake wedding. Monique, thinking they are married, is now willing to go all the way, saying that will is a good and honest man. will Will be the man and take her, or will he man up and tell the truth?
Princeton University starts talking to students at Will & Carlton's school about admissions to the university. Will is accepted, but Carlton is not. At night, Carlton has a vision of his guardian angel - Tom Jones.
Will is run down with work, school, and his girlfriend, and has trouble staying awake. He decides to take amphetamines to help him. Carlton asks will for vitamins and Will accidentally gives him the uppers. Carlton ends up in the hospital.
Will's friend Keith, a comedian from Philadelphia, visits Will and the Banks family. His sense of humor tickles Will's funny bone, causing Will to think that a career in comedy might work for him, too. Meanwhile, Vivian is away and Phillip demands the attention of his children in her absence.
Philip and Vivian are celebrating their 25th wedding anniversary and the others put together a scrapbook. This is a flashback show with clips from the previous seasons as the scrapbook is put together.
Will withdraws from philosophy class at college because it seems too difficult. Later he realizes the professor was actually a good one who held stimulating discussions. He tries to get in the class again but can only attend without credit.
While working at the school bookstore, Will sees how the women flock over a single dad, and decides to try and pass Nicky off as his son to meet the ladies. While doing so, a picture is taken of the two by Candace, who is the school photographer, and it is put in schools newspaper as "Father of the year".
Will and Carlton form a rivalry against Philip because of their unpaid rent. Since Philip was receiving no money he decides to take action and sue them. Despite Will and Carlton being faced with this challenge they are prepared to fight back.
Hilary drags the family to a psychic for a séance to say goodbye to Trevor. Will doesn't believe the psychic is for real and mocks him. Because of that, the psychic curses him and bad things happen later that day.