The rumors are true, at least one of them
First, though, Clint and Kate have to beat the Tracksuit Mafia, their boss, and whoever else is after them…together.
He doesn’t want this. He’s worried this might be fatal for Kate, but she won’t go away.

SPOILERS BELOW

Much of the episode looks at Clint and Kate bonding over their mutual problems, mainly the Tracksuit Mafia and the Big Boss (who is  expected to be someone familiar). Those scenes are really affecting, especially if it’s Clint telling her about his past. He recalls his Best Shot being the one he never took…and it turned out to be the decision not to kill Natasha Romanoff when he was assigned to do that. It was also revealed he was Ronin, but Kate figured that out. She also sensed it was because he lost his family because of the Blip.
Those facts may be important.

At the start of the episode, though, Kate tries to stop Jack Duquesne (Tony Dalton) from killing Clint with his new knife at her house. Then Eleanor (Kate’s mom) shows up. The assassination is called off…but why was she (Vera Farmiga) there?
This was followed by an uncomfortable time for Kate, with Jack trying to be friendly to her. It’s a bit cringeworthy, because Kate still thinks Jack killed his uncle.

Then Eleanor shows concern about Kate’s obsession with Clint, and how he can help by discouraging that. He agrees, then she says something about how he couldn’t save Natasha, followed by “Being good is not enough to stay alive.” That not mean much, but remember when Jack’s uncle accused her of building her business on a lie?
Is Kate’s mom evil, or is she forced to be that? Kate won’t like the answer no matter what.
The subject changes to plans for a holiday party, otherwise known as where the final episode takes place.

The main concern is Clint trying to learn more about the Tracksuit Mafia, who really runs it, and why they want a Rolex from the Avengers Compound. He learns Jack runs a company called Sloan, which is involved in money laundering. What’s surprising is that Clint got help from his wife Laura (Linda Cardinelli)…and she speaks German. What? How often has she been involved in his work?
Well, CBR says the watch may have belonged to someone very close to Clint.

He later visits Razi (Fra Fee), and asks him about his position in the TM. He also suggests that he should convince Maya (Alaqua Cox) to stop chasing after Ronin, whoever that may be. That’s unlikely, since it’s shown she’s been stalking Clint and his family. Remember, he killed her father, and it is very personal. There may be more to this, but that’s later.
Kate gets some of Clint’s trick arrows from an NYPD holding area, thanks to the fact one the cops with with a LARP group. Kate had to promise some new costumes.

Soon, Clint and Kate track down the watch, and it’s in Maya’s apartment. Clint gets attacked just as Kate tells him…then Maya finds Kate.
So who’s attacking Clint?
It’s not long before all four people battle each other using taser bombs and such. Kate breaks it up with a bomb arrow, but she gets tossed off the roof by the masked assassin. She’s saved by a rope, but Clint cuts her down. He’s convinced Kate has to walk away while she still can…but she won’t do that. Besides, she still has the Rolex. It’s got information that could threaten someone if it came out.
Oh, and who was the masked assassin?

Remember, Yelena (Florence Pugh) was sent by Countess Val to kill him because he killed Natasha in Vormir. That’s not true, but maybe Val wants results since she gave the order a year before (post-credit scene in Black Widow). Yelena doesn’t say a word to him, but leaves the scene. It’s expected she’ll try again.
Still, she has to talk to him about this. Would she believe the truth, or is it too late? Maybe she’ll do what Clint decided not to do, because she also wants out. It wouldn’t be surprising if she stayed a killer because the Blip hurt her, too.

Then there’s Kate. She’s still involved since she has the Rolex. There’s also Jack, who might be a future “killer” stepdad. How can she save her mom from that? What’s worse, what if mom is involved, too?  It might go back to what she said to Clint about “being good”.
And of course, is the Kingpin the real Big Boss? Lots of fans are convinced, and expect him to show up next week.

Overall, the episode wasn’t as intense as last week. It still provides a pause before it sets up a lot of explosive set pieces for the final episodes. Clint has two deadly women after him, at least, and a partner who won’t go away–and shouldn’t. Families are getting involved as well, in more ways than one. The final chapters will be like a snow globe that’s been shaken one time too many.

New episodes of Hawkeye air Wednesdays on Disney Plus.