Lincoln tries to rig the family gift swap and ends up learning a valuable lesson.
Lincoln explains to the viewers that today is the Loud Family's annual Christmas gift swap. He says that the one present he wants this year is a Rip Hardcore themed backpack, which can also serve as an inflatable raft and shield. Lincoln elaborates that he needs to make sure his name gets put into the right hands if he wants his gift. Pulling up his mattress, he reveals a chart showing pictures of all his sisters and explains that the best sister to get his name from the hat pull is Lily, because Rita and Lynn Sr. would get the present for her due to her young age. Knowing that the pull order goes from oldest to youngest, Lincoln writes his name on his paper, and tapes it to the bottom of the hat, certain that Lily will pull it out last.
Later, the siblings sit in the living room, ready to pull out names. After Rita pulls out a card for Lori (since she won't be home until Christmas Eve), the siblings pull out cards one by one, and when Lily is given the hat, she grabs Lincoln's card (evident by the tape holding it down). Just when Lincoln reacts with positivity, Rita and Lynn Sr. make an announcement. They state that because Lily has grown up a little, she'll be giving her own present to whoever's name is on her card (Lincoln's) this year, with Lynn Sr. indicating it to be a homemade gift with her finger-painting on it. This causes Lincoln to excuse himself to Vanzilla to scream out his despair. After letting his frustrations out, he goes back to his room to prepare for his backup plan: the gift swap-swap. Rearranging his photos, he figures that the best sister to get now is Leni, since she's easy to convince.
At night, Lincoln sneaks into Lisa and Lily's room in order to steal his name from Lily. After getting it, he sneaks into Lori and Leni's room intending to steal Leni's card to swap with his. Suddenly, Lynn appears and tackles Lincoln to stop him, saying that Leni has her card, and will not let him swap. This causes Lincoln to once again scream out his despair in Vanzilla. Going back to his room, he now figures that the best sister to get is Lori. Knowing that he can't just ask her upfront, Lincoln decides to masquerade as Rita when talking to her. Calling up Lori, who is shown to be studying for her school finals, Lincoln tries to convince her to get a Rip Hardcore backpack for her brother. However, Lori states that because she's incredibly busy with finals, the gift she's going to give is a Fairway University mug, no matter whose name she has. With that plan busted, Lincoln now suggests Luan. After placing a golf course backdrop and dressing up as Lori, Lincoln calls up Luan and tries to convince her to swap her name with Lincoln's. When Luan says that she'll get Lincoln a Rip Hardcore backpack, Mr. Coconuts intervenes and tells Luan that he's tired of her being the gift-giver and declares he'll be getting the gift, announcing that he'll get Lincoln fake dog poop. After screaming out his frustrations out the window (startling Mr. Grouse, who's putting up decorations), Lincoln, now having gone through every possible plan with countless disguises, settles on one last sister. Asking Luna upfront, Luna agrees to swap with Lily and get Lincoln his backpack, since she got Leni's name and intends to let Lily give her painting to Leni.
On Christmas Eve, the siblings each put their secret gifts under the tree. Witnessing Luna put the Rip Hardcore backpack under the tree, Lincoln calls up Clyde to announce what he got. After congratulating him, Clyde asks who he got a gift for. This causes Lincoln to realize in horror that because he spent all of his time trying to figure out how to get his backpack, he forgot to get a present for his designated recipient, who is revealed to be Lola. Seeing that it's 4:00, Lincoln immediately hangs up, and rides his bike over to the mall. Unfortunately, the mall closes the second he arrives. Arriving to the Burpin' Burger, Lincoln enters and sees a long line of last-minute shoppers. Knowing that it's better than nothing, Lincoln decides to wait, but when he gets to the counter, Grant tells him that they ran out of gift cards and burgers. After exiting, Chandler appears and, having eavesdropped on Lincoln's conversation, tells him that he can help him. Due to his connections to the sewage plant, Chandler present Lincoln with a gift (accidentally flushed) he knows Lola will love, but he must pay up first. When Chandler refuses to take money, Lincoln decides to make the ultimate sacrifice by giving him his Rip Hardcore backpack (where Chandler gloats that he now has a second one, as well as revealing that it also serves as a jetpack). This trade is witnessed by Lily, who immediately feels bad for her big brother.
Inside, as the family chats happily while Lincoln is downtrodden, the siblings start to give each other their gifts. Lincoln tells Lola to open her gift, revealing a pair of diamond earrings which Lola loves (despite the smell, as Chandler stated that they were accidentally flushed). After the other sisters open their gifts, Lily presents Lincoln with a gift from her, revealing it to be a finger-painting she made of herself giving Lincoln his backpack. Emotionally moved, Lincoln thanks Lily for the painting, and Lily wishes him a Merry Christmas. Outside, as Chandler continues to fly with Lincoln's backpack, he crashes into the tree on the front yard.
Despite being listed in the credits, Lana has no lines in this episode, but was heard cheering.