The very beginning of the video is from Mikey's perspective, as he expresses that his strange relationship with Pete has been holding him back, since Mikey appears to harbour feelings for both Pete and his actual girlfriend Helena.
The brief showing of Frank on the second line is only foreshadowing for later in the video.
The next scenes show MCR as they prepare to fight in the civil war on the side of Seungmin.
There is a reference to Mikey's conflicted feelings again, and another foreshadowing with Frank and Ray appearing on screen. Then again, when Ray comforts Mikey which immediately cuts to when Mikey was fatally shot during battle, showing that Ray and Frank are the bad guys here. Then there is Pete, who is here to revive Mikey from the dead to save him since he has revival powers in this universe. Like a phoenix.
Gerard is briefly shown, since he did unfortunately witness Mikey's death. This was an awfully traumatic moment for him, but we'll come back to Gerard later.
Once Mikey is revived by Pete after the beach is clear of anyone to witness it, he is taken away by Ava Max to Ava Max House, a house deep in the Nebraska Sandhills where she houses criminals to keep them safe in hiding. Obviously, Mikey isn't a criminal, but it's clear that someone is out to get him. Since Mikey's best friend Kellin lives at Ava Max House, he suggested Mikey come to live there too. No one outside of Ava Max House and Pete knows that Mikey was revived and is still alive at this point.
Mikey is now on a quest to find out who shot him and why they would do such a thing, because the bullet retrieved from his wound did not match those that Brendon's army used. And judging by the angle of the shot, it was done by someone on Seungmin's side. Someone who Mikey was supposed to be fighting alongside, not against. Somebody targeted him specifically. Pete is, at first, one of the only people who believes Mikey's theory, so the two start to work together to figure it out.
The scenes of Gerard screaming occur after the war has ended, and after he witnessed his brother bleed out and die in front of him. Since he isn't aware that Mikey is, in fact, alive, he is left to grieve. However, Gerard is alone. He hasn't seen Frank or Ray very much since the final battle, and he has a mental breakdown out of grief for his brother.
A funeral was held for Mikey where the other MCR members attended. The funeral was actually a joint funeral for Mikey and Helena, who had passed away while the boys were at war. The MCR guys were only glad that Mikey didn't have to return home to find that his girlfriend was gone too. They still didn't know that he was alive and in hiding. Mikey would actually crash his own funeral, walking in in front of everybody in attendance, but this will be picked back up later.
There is a single moment when hints are given towards what Frank and Ray's relationship might be, where the song suggests that Ray is changing Frank somehow.
There is another divergence here that provides some context on Mikey's time at Ava Max House. Firstly, Kellin, who went to war on Seungmin's side too with the rest of SWS. Kellin is a lawyer by day and a bankrobber by night. He also is somewhat of a mad scientist since the other SWS members are actually all clones of himself, just with altered appearances. Kellin's criminal activities are helped by the guys from PTV, but most notably Jaime, who is also an Ava Max House resident.
Jaime and Mikey don't often get along. Jaime spreads rumours about Mikey among their other housemates, and even sometimes the gossip column of the Seungmin Times newspaper, which did nothing but distract Mikey from his important cause of finding out who wanted him dead.
There is another shift here to Patrick, who has a whole situation of his own going on. Patrick wants nothing but to show kindness to other people no matter what. This is truly his only objective. This is where it's revealed that Brendon is not dead like so many people think, but alive and well, taking refuge on Patrick's boat that he keeps docked at the Port of Long Beach in LA. Brendon is hidden in plain sight. Despite how awful of a President he was, even being blamed for Ryan Ross' disappearance and having just fought a war out of reluctance to step down, Brendon is treated with kindness by Patrick. Patrick will go on to keep this a secret from every single person in his life, even Pete.
Mikey is shown to be training in the desert surrounding Ava Max House, preparing to follow through on a plan he was making for the day of his own funeral. Like Pete, Patrick was one of the only people to take Mikey seriously whenever he'd suggest there was some sort of conspiracy. Mikey is starting to believe that the perpetrator could be among his own friends. He thinks it was Frank.
Another divergence is made when the song starts to be from Ray's perspective, again suggesting that he is going to change Frank. This entire section reveals that, while Mikey was right to suspect Frank was behind the shooting, it was actually all Ray's doing. Mikey doesn't know this yet, nobody does, but it is all true. Ray used Frank and convinced him that what he had to do was shoot Mikey. He told Frank that if he were to do it mid-battle no one would suspect it was him, then since Ray was a medic in the war, he would go to Mikey and patch up his wounds. He had somehow convinced Frank that Mikey wouldn't die, otherwise he never would've done it, but all along Ray knew that it would happen. He put up a good act and pretended that he had done everything he could to save Mikey, but he didn't. He wanted him to die.
Then there is a montage of each of the important characters in this story. Brendon seeking refuge on Patrick's boat. Gerard who, in a fit of apelike rage fueled by grief, tragically took a man's life. Kellin, Tori, Ava Max and Jaime, who all live in Ava Max House and help Mikey on his journey to the truth. Mikey and Frank in battle. Pete, the medic who found Mikey after the beach had cleared. Helena, who died while her lover was fighting in the war. Finally, the aftermath of the war, where Mikey is prepared to put his plan into action. Frank and Ray are unsuspecting of what's about to happen. Pete helps Mikey to find the courage to do it.
Before Mikey's plan is revealed, there is a clip that shows Pete making potions in FOB House, where he and the FOB guys live. Pete and Patrick make the potions together and they are supposed to mimic Pete's revival powers. The goal is to eventually make his powers more accessible, to save more lives, since it would be too much pressure on Pete to have everyone know what he is capable of and request his help all of the time. This is relevant for what occurs after this video.
Finally, back to Mikey crashing his own funeral. He reveals that he is alive and everyone is rightfully shocked. Gerard, who has already been admitted to the psych ward after his attack on the boy who died, believes he is seeing a ghost. He cowers under a table and has another breakdown at the sight of Mikey and also due to what happens next. Mikey draws a gun and begins shooting at Frank. This causes Ray to shoot back at Mikey after he gets over his initial shock, defending Frank. Frank tried to defend himself too, but Mikey got him. Mikey killed Frank out of revenge, since he was almost certain that it was him who shot him out at war. Gerard being witness to not only Mikey's but also Frank's death meant he was in need of severe care at the ward. Ray managed to escape and run away, even though Mikey wasn't aiming for him. He would come back for Frank's body soon. If Mikey could be revived then so could Frank, right? He had to think fast to find a way.
Mikey hopes to find peace now, but he won't. Frank will be back, and everything will get so much worse.