The episode features a diverse group of treasure hunters including the Hurst family, self-described Wyoming rednecks who spend years excavating a massive boulder; Lou Boyer, a California airline pilot who investigates private property near the Colorado-New Mexico border; Cynthia Meachum, a retiree who believes in building a personal relationship with Forrest Fenn to find clues; and Posey, an analytical hunter who uses facial recognition software and trains his dog to sniff out the treasure.

The hunters interpret the cryptic 24-line poem as a map of clues to the treasure's location. Each group believes their interpretation is correct, leading to different search areas such as backwoods near the Hurst family's trailer, private lands near the Colorado-New Mexico border, and Yellowstone National Park. The poem drives their decade-long quests and shapes their strategies.

Hunters encounter numerous difficulties including physical barriers like closed gates and flat tires, as experienced by Lou Boyer; long, exhausting excavations such as the Hurst family's two-year effort to dig under a boulder; and the mental and emotional toll of obsessive searching. These challenges highlight the dangerous and demanding nature of the hunt.

Beyond the treasure itself, the hunters are driven by a spirit of outdoor exploration, personal obsession, and the search for meaning or truth. The series portrays the hunt as an emotional and psychological journey, where the process and experience become as significant as the treasure.

The episode acknowledges that Forrest Fenn announced the treasure was found in 2020, but some hunters believe the treasure may have been rehidden, fueling ongoing searches. This uncertainty adds to the obsession and complexity of the hunt, as some continue despite the official conclusion.