Yellowjacket and Wasp have returned from the hospital and have arrived to find a large crowd and the media at the front door of Avengers Mansion. Confronted by the news, they learn that the Avengers have just announced that they are finally going to decide who will be part of the next line up, something that Jan is thankful that they are finally getting around to it before being admitted into the Mansion by Jarvis.

As news coverage recounts the illustriousness origin of the Avengers, Hank and Jan meet with the rest of the group in deciding which members will stay and if Beast, Moondragon and Hellcat have what it takes to be part of the new roster of Avengers. Thor announces that he has decided to leave the group for a time feeling that he needs to focus on more godly affairs. When Iron Man decides to stay on with the group, Thor passes on chairmanship of the group onto the Golden Avenger.
The news report then recounts how the Hulk left the group early on, how Captain America was revived and brought into the group, their battle against the Masters of Evil and Wonder Man and their short involvement with teenager Rick Jones. When the report recalls back as to the first time the Avengers changed their roster, it leaves to speculation how the group was formed.

What follows in this issue is a reprint of the events from Avengers #16....

Iron Man, Wasp and Giant-Man consider who to choose for the new group when they are confronted by Hawkeye, a former foe of Iron Man who wishes to join the group and redeem himself. They next attempt to contact the Sub-Mariner and offer him membership in the group, but Namor refuses.

When the Scarlet Witch and Quicksilver read about the Avengers looking for new members, they decide to travel to America and petition for membership in hopes of redeeming their past with the Brotherhood of Evil Mutants. While Stateside, Iron Man announces the departure of Giant-Man and Wasp from the group and announces Hawkeye's joining the group. As the Avengers sort through their mail, Captain America and Rick Jones are battling through the jungles of South America trying to find a way home following Cap's battle with Baron Zemo. They rescue a man from a leopard attack and he offers to drive them to the nearest seaport.

Back in the States, Tony Stark meets with Quicksilver and Scarlet Witch and takes them to Avengers Mansion to "meet" Iron Man (whom neither know is in reality, Tony Stark himself.) When Captain America and Rick Jones finally arrive home they come to a large press conference that is about to begin. Entering the room Captain America learns that Iron Man, Giant-Man and Wasp all intend on leaving the group and they are placing the new recruits: Hawkeye, Quicksilver, and the Scarlet Witch into Cap's leadership. Although Captain America is uneasy about the idea and accepts the responsibility. Shortly thereafter, Cap and the new Avengers present themselves to the world.

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