Brandon runs for vice president alongside Josh and does great when he steps in and gives a speech in Josh's place. Their campaign is threatened, however, when Alex Diaz - their opponent's campaign manager - uncovers the unpublished article that Josh wrote about Brandon the previous year, detailing Brandon's tutoring of D'Shawn and alleging that Brandon took tests for D'Shawn. Donna asks Clare (now attending C.U. as a sophomore) to move into the beach apartment in David's place, but Clare brings a bad snoring habit with her. Meanwhile, Valerie secretly decides to pursue Dylan after finding Brenda's mementos of him in the Walsh's garage, and hides her connection to the Walshes from him.

Steve tries to secure the R&B group "Jade" for a Valentines Day telethon at the Peach Pit After Dark. Meanwhile, Brandon coaxes Kelly away from Professor Finley and his work at his newly opened commune, but only for the moment. After moving out of the Walshes and into a hotel suite, using some of Dylan's money, Valerie comes onto Ray who's having problems with Donna and pressures him into an affair. Ray's mother, LuAnn, figures out that Ray cheated on Donna when he doesn't come home after that night, and covers for him when Donna comes calling asking of Ray's whereabouts. Also, Andrea with Jesse meets Peter and his wife, but that doesn't disrupt their feelings for each other.

Hypnotic regression leads Dylan to a past life where he is Billy McCoy, a gun-slinging outlaw in the Wild West, until he meets an upper-class woman (in the form of Kelly) to redeem his outlaw ways. Meanwhile in the real world, while Kelly goes to New York with Steve to meet with modeling agencies, Valerie turns her sights on Brandon who is hoping to be re-elected student body president. But Brandon runs into all kinds of problems when news of college tuition for undergraduates will be increased, he is criticized for not looking after the students best interests. As a result, Brandon's political rival, Alex Diaz, enters the race as a new candidate and wins by a landslide.