In "Sad Sack Wasp Trap," Logan Roy makes an unexpected return to Waystar headquarters, and his children misread his erratic behavior as cognitive decline while he quietly reasserts control. At the annual Roy foundation gala, Kendall's carefully prepared speech signaling his father's step back from public life is undermined when Connor inadvertently warns Logan, allowing him to take the stage himself and announce his full return as CEO. Simultaneously, Tom inherits a buried scandal involving years of crimes on Waystar's cruise lines, confides in Shiv and Greg, and is then outmaneuvered when Greg goes directly to general counsel Gerri to protect himself.

This episode establishes the core power dynamic of the season: Logan is not diminished, and every move his children made to consolidate authority has been reversed in a single evening. It als ...