During the annual Jellyfish migration, SpongeBob and Patrick come to Jellyfish Fields to see several rare and exotic species of Jellyfish. The two begin jellyfishing, with SpongeBob using Ol' Reliable. At the end of the day, SpongeBob was very successful while Patrick was unable to catch anything. SpongeBob boasts the superiorities of his net to Patrick, who says "I would kill for a net like that! (You know, something small, like a carrot)". The following morning, SpongeBob finds Ol' Reliable missing, and begins panicking, posting missing jellyfish-net posters all over town with a promise of a reward, even interrupting the local news to announce this.
SpongeBob is unsuccessful in his search, and gives up on finding Ol' Reliable. That night, he sees Patrick happily playing with his jellyfishing net before he goes to bed, and when SpongeBob realizes that Patrick's net disintegrated yesterday, believes that he has stolen Ol' Reliable. The following morning, he gives Patrick a Confess-a-Bear (which he made himself) to try to make Patrick confess that he took the missing net. Patrick does not mention this, but does say he knocked SpongeBob's toothbrush into his toilet and put it back on the counter without washing it, stopping the conversation. Later on SpongeBob goes to Patrick's rock to talk and sees Patricks shadow with a net. But Patrick still shows no sign of the net.
The next day, SpongeBob pretends to go to work, but actually spies on Patrick for eight hours, but he sees nothing but Patrick standing still. He eventually sees Patrick carrying a box, and uses a false mustache to disguise himself as a man who is interested in purchasing what's inside the box for $1 billion. Patrick says he would not sell it for any price because it is his friend SpongeBob's... and SpongeBob stops him right there finally believing it was Patrick. But Patrick finishes the sentence, saying "...gift." To his great surprise, it is revealed that the box contains a net built by Patrick for SpongeBob to replace Ol' Reliable with. SpongeBob is torn between gratitude for Patrick's generosity, and guilt for accusing his friend falsely.
Patrick gets upset at SpongeBob for ever suspecting him, and prepares to leave Bikini Bottom. The bus arrives, and Patrick is about to climb aboard when SpongeBob grabs hold of him, begging his friend not to go while pleading earnestly for Patrick's forgiveness. The bus driver demands to know what the hold-up is, and when he sees that it is SpongeBob and Patrick, he gives SpongeBob Ol' Reliable, saying he left the net on the bus (as he does every week).
To make up for his accusations against Patrick, SpongeBob gives Ol' Reliable to his friend. Patrick is utterly overwhelmed by this gesture, and immediately decides to forgive SpongeBob for his thoughtlessness, and stay in Bikini Bottom after all. Everyone on the bus cheers, much to the chagrin of the bus driver, who claims that the two do this kind of thing all the time. SpongeBob and Patrick then run off to Jellyfish Fields together to enjoy their new nets during the last days of the Jellyfish migration.
Ol' Reliable was also used as the name of SpongeBob's Jellyfish net in "Nature Pants," however that was a traditional bamboo net, whereas this one is has more advanced technology built into it, not unlike SpongeBob's new net (not given any special name) in the episode "Best Day Ever."
There are 14 jellyfish on the title card.
This is the first time Perch Perkins said something that wasn't news-wise.
The Confess-a-bear is likely a reference to the meme called Confession Bear, which has a picture of a Malaysian sun bear on a log and supposedly confessing something..
When SpongeBob catches a swarm of the rare jellyfish, they turn into normal run of the mill jellyfish when they're in the net.
When SpongeBob is catching a jellyfish while doing a flip, the actual net is not attached to the ring of Ol' Reliable. The end of the net itself is off screen, as if the net continued motion without SpongeBob or Ol' Reliable.
After the bus takes off at the end, one of the passengers' faces changes color.
The hinge on Patrick's house is in a different position when SpongeBob first sees him with a new net than when he confronts him with a mustache.
When SpongeBob and Patrick arrive home, when SpongeBob opens his door there's a duplicate door behind it.
When SpongeBob is spying on Patrick having fun with a net, he views Patrick's Rock from an impossible angle, because Squidward's house is directly between their houses, which is shown in the view of all the houses from the rear side.
When SpongeBob was picking up the Patrick's jelly fishing net that he made for SpongeBob, SpongeBob's top left hole is outlined with black for a split-second.
When Patrick was holding SpongeBob's new net and said "Gift", his freckles were not colored in.