The narrative begins with Sam Wilson and Joaquin Torres recovering stolen Adamantium in Mexico from the Serpent Society, led by Sidewinder (Giancarlo Esposito). Newly elected President Thaddeus Ross hosts an international summit to establish a treaty regarding Adamantium extracted from Celestial Island (Tiamut). During the summit, an audio signal triggers brainwashed veteran Isaiah Bradley to shoot President Ross.
Sam investigates the attack and tracks the signal to Samuel Sterns (The Leader), who has been kept in a secret government prison by Ross for 16 years, used as a personal intelligence "think tank" while being dosed with gamma radiation. Seeking revenge, Sterns secretly laced President Ross’s daily cellular medication with gamma compounds.
Sterns orchestrates a false-flag military conflict near Celestial Island between U.S. and Japanese fleets. While Sam and Joaquin stop the fleet confrontation—leaving Joaquin critically injured—Ross's rage reaches a boiling point, triggering his mutation into the Red Hulk in Washington D.C..
Instead of trying to kill Ross, Sam uses his Vibranium wings and shield defensively, deliberately talking Ross down by appealing to his love for his daughter, Betty. Realizing the monster he has become, Ross turns back into human form and voluntarily steps down from the presidency.
Post-Credits Scene: Sam visits the imprisoned Samuel Sterns at the Raft. Sterns laughs and warns Sam that while he stopped this war, "the others are coming"—foreshadowing impending multiverse and global cataclysms (Avengers: Doomsday).