In a gritty and alternate 1985, the glory days of costumed vigilantes have been brought to a close by a government crackdown. But after one of the masked veterans is brutally murdered, an investigation into the killer is initiated. The reunited heroes set out to prevent their own destruction, but in doing so they uncover a sinister plot that puts all of humanity in grave danger.

When word hits the street that a nearby elderly gentleman has a cache of old, rare, and very valuable mint condition comic books, rival comic book shop owners Raymond McGillicuddy (Donal Logue) and Norman Link (Michael Rapaport) both set out to be the first to buy them. But when the old man declines to sell, the former friends turn into enemies, and a friendly rivalry becomes tainted with greed and turns to murder.

During a failed art heist, the Djinn is once again liberated. This time, to complete the 1001 wishes that he needs before the final 3, he lets himself go to prison, where he starts his evil reign twisting the hopes of the prisoners. Meanwhile, the woman who set him free accidentally, Morgana, tries to find a way to stop him, aided by a young priest.