Back in the SCDP conference room, Harry is regaling the conference room with booze and spoilers about Peyton Place, and it is hilarious when one of the Life execs and Pryce clutch their pearls at an upcoming development, but just then the Clio contingent returns, and Don's BAC has clearly continued to rise even though he's taken a short break from boozing. Actually, I shouldn't assume that part; I wouldn't put it past him to have scored a to-go cup off a Waldorf bartender.
Before he leaves the group alone, Roger leads some of the group in a victory lap around the table with the Clio in hand, to Pete's unflagging consternation, and then everyone has a seat as Don drunkenly asks Joey if he started without him, and Joey, hilariously terrified, is like, "No, Don. I would not do that." Don then cuts Joey out entirely as he starts his pitch (BOO!), and he's on the verge of slurring the whole time, but despite some allusions to nostalgia that are reminiscent of his presentation in "The Wheel," only far more mangled, he does hold it together long enough to get to the concept, which is designed to make the idea of eating Life fun: A picture of a kid eating an oversize bowl of the stuff, with the tagline "Eat Life By The Bowlful." He explains the appeal of the ads to both kids and moms, and it's actually quite logical, but after Harry suggests they could design an entire TV show around the Quaker Oats family, one of the Life execs says he likes the pitch, but he's concerned the irony might be "a little smart for regular folks."