When they are caught going through the College Counsellor's office, they are forced to have a conversation about their 'partnership' - and in this time they put the clues together, where they turn things around and suspect that Zook was a buyer - not the dealer, who they think was the girl who OD'd.
They find a book in her dorm that was used to hide the WHYPHY drugs, and go to the library to make a bust. They find Ghost and his men, and soon enough are chased across campus and back to the football field where Jenko steals a little Football buggy to get away from them. The football team ease to victory just as they head out onto the pitch, and crash the buggy into the goalposts, bringing them down in flames. The crowd love it. Cops show up, and Schmidt is led away.
The Captain makes the bust - and just like in the first one they arrest a staff member (the Counsellor). Schmidt goes back to the force, alone, while Jenko stays in college and rooms with Zook.
Schmidt reviews the file and is sure they got the wrong man. He knows something big will be going down at Spring Break - and he teams up with Jenko one last time. They find out that Mercedes, who was the roommate of the dead girl, is the daughter of The Ghost - who has shown up to sell his drugs again. They crash a 'meet the buyer' session, and with the help of the Captain are soon in a shoot-out. Mercedes takes the Captain hostage, then is cornered by Schmidt and they get into an awkward fist fight. Maya shows up in time to help him out.
Schmidt hurries to help Jenko, who has chased Ghost to the roof of a building and jumps to hang onto Ghost's helicopter alongside Jenko as it takes them away. Jenko, who was shot in the arm, falls but Schmidt catches him. Jenko takes out a grenade, says something cool, and then throws it into the helicopter as they let go and fall into the sea.
Back on dry land, they make up and Jenko is back on the Force. The Captain hands them their new assignment for 23 Jump Street - they'll be going to Med School!