With only Garraty, McVries, and Stebbins left and Boston drawing near, Stebbins asks Garraty to tell a story to distract them from their exhaustion. Garraty begins a fairy-tale version of his life with Jan, but the effort shows how broken all three have become. McVries is already drifting in and out of sleep, and Garraty can barely keep his own mind and body together.

In the middle of the story, McVries starts to collapse into sleep while walking. Garraty rushes to steady him, but McVries calmly says it is time to sit down. Because the walkers had promised not to interfere when another chose to stop, Stebbins tells Garraty to leave McVries alone. Garraty tries to save him anyway, but soldiers pull McVries away, give Garraty another warning for interfering, and shoot McVries after he sits down, smiling.

McVries's death leaves Garraty emotionally hollow. When Stebbins tells him to finish the story, Garraty refuses and instead vows to walk Stebbins into the ground. Later, as they pass through Danvers, Garraty reaches a bleak understanding: Stebbins cannot be beaten in any meaningful sense, and the others who died had simply stopped thinking and let the end come. Garraty feels strangely calm and decides to speak to Stebbins.

When Garraty catches up and touches Stebbins, Stebbins turns in terror and clutches at him as if asking for rescue. Stebbins then collapses and dies almost immediately. Garraty checks him, recognizes that Stebbins is dead, and then loses interest in the event even as the crowd erupts. Fireworks begin, the Major approaches in a jeep to announce the winner, and the Prize is effectively Garraty's.

Instead of claiming victory, Garraty sees a dark figure ahead in the rain and becomes fixated on it, as if it were one of the dead walkers calling him onward. The Major and the screaming crowd cannot pull Garraty back to ordinary reality. When a hand touches his shoulder again, Garraty rejects it and finds enough strength to run toward the beckoning figure, ending the Walk with a victory that offers no peace or return.