Just watched it.
The Black Hood threatens to kill Polly unless Betty does things like reveal that her mother was a Serpent and break up with Jughead. She tells Archie.
Jughead joins the Serpents to prevent them from attacking the Northside and ends up hooking up with Toni.
Veronica's old friend Nick comes to Riverdale and tries to date rape Cheryl, but Veronica and the Pussycats save him.
The Black Hood lures Betty to an abandoned house with the promise of revealing who he is and forces her to wear a black hood and stare at herself in a mirror to prove they're "the same".
The Black Hood later tells Betty he knows she told Archie about them and says he's going to kill Polly unless Betty names another sinner to die in her place. Betty names Nick and gives the Black Hood his address, which the Black Hood says proves that they're equals.
And sadly Punished Archie really is over. Although we get coked-up Archie for a few seconds.
