Back to Pacey talking about how they "got the call" at a little after nine and headed out to the boatyard.
Ripple cut to the boatyard. Pacey asks Doug if he wants to go in, because Pacey has the code and can get them through the gate. Doug mag-lites through the gate, looking around, and finds Drue coming out from behind a boat with his hands in the air. "Anonymous phone call boat's missing," Drue explains, shrugging. His mother sent him down to check things out, and he called the police. Doug sneers that they also received an anonymous phone call about twenty minutes before Drue's, "which begs the question [sic], how do I know you didn't take the boat?" Drue asks if Doug sees a boat on him, and offers to let Doug frisk him: "Come on -- let's do the man dance!" Hee! Okay, Drue usually bugs, but that's funny. Drue awkward-pauses and then says he's "done" and makes to leave, and Pacey acts all weird and decides to leave too and catch a ride with Drue. Yeah, we get it. "Pacey, you hate Drue," Doug reminds him. Pacey knows, but he needs a ride, and he's "trying to be a better person, just like" Doug: "Besides, it's a karma thing." We. GET. IT.
Back in the interrogation room, Pacey says that he wanted to grab a bite, but Drue "said he was busy," so Pacey went home and went to bed. Smalls thanks Pacey, tells him he's free to go, and apologizes for any inconvenience. Pacey wants to know if he's serious; The Flash hisses at him to leave already "before [Smalls] changes his mind." Pacey gets up, then pauses to say that he doesn't think Dawson did it either, because Dawson's "way too respectable" to pull off a prank like that, at least not without "coaxing" from Pacey.
Jump cut to Dawson, saying more or less the same thing about Pacey -- that he's "not an idiot" and wouldn't jeopardize his precarious academic standing for a sub-par prank. Smalls thanks him. He leaves. The Flash asks if Smalls is "satisfied." Smalls is indeed satisfied, because he knows who did it. "Really?" The Flash asks, surprised. Smalls says loftily, "Obviously! Well, it's clear you don't watch Inspector Poirot on A&E." Heh. On the other hand, nobody watches that show. Smalls nods contentedly to himself as we fade out to commercial.
Back to the interrogation room, where Non-Liz Non-Claiborne is snipping that "there is neither rhyme nor reason that could account for" deducing that Drue masterminded Pooldoggate. Smalls says smugly that, if NLNC is finished, he'll tell her exactly how they know that Drue did it. Fish-eye lens shot of Drue in the hardware store as Smalls expositions that they know Drue bought a can of paint identical to the paint used to write "Class of 2001." Cut to Drue twirling The Flash's keys on his finger; Smalls expositions about that, too. Cut to a Sunset Boulevard-esque running-cam zoom up to Drue meeting the Witterbrüder at the boatyard, which makes him "conveniently present" at all the key crime-committing moments, and gives him "the means and resources" to "pull it all off, without a hitch." Smalls asks The Flash if he left anything out; The Flash, trying to contain his amusement at Smalls's pleasure in having pieced it together, says he thinks Smalls covered everything. "You conniving brat," NLNC spits at Drue, then grouses to Smalls, "I should have known after last year's ferret incident." Ha! Drue sighs noisily. Smalls and NLNC agree on two weeks' suspension and probation for the rest of the school year. Drue laughs in disbelief, and after Smalls reminds Drue that he has "a history" which has proven "to be quite telling," NLNC whaps Drue on the back of the head and orders him to get her purse, which makes him giggle even more. Heh. Reasonably funny scene, that.