The season 5 finale of Yellowstone, titled "Life Is A Promise," brings an end to the Dutton saga after six years. The episode starts with Rainwater (Gil Birmingham) and volunteers from the Broken Rock Reservation sabotaging a pipeline by sinking its pipes into the river. Later, Rainwater and Mo (Moses Brings Plenty) head to the Dutton ranch, where Kayce (Luke Grimes) offers Rainwater the land for just $1.25 an acre, with conditions: Kayce retains his family’s east camp ranch, and Rainwater promises never to sell or develop the land. They seal the deal with a blood ritual.
Beth (Kelly Reilly) tells Rip (Cole Hauser) about their new life in Dillon, Montana, after purchasing a remote ranch. However, they must first bury John Dutton (Kevin Costner). Rip agrees to dig the grave, and Beth asks for it to be near her mother's. Before the funeral, Rip checks in with the ranch hands, and Teeter (Jennifer Landon) is set to work in Texas, while Ryan (Ian Bohan) plans to take time off. The ranch workers prepare for the funeral, and Rip invites Lloyd (Forrie J. Smith) to join him and Beth in Dillon, though Lloyd declines.
During the funeral, Jamie (Wes Bentley) plans his press conference to portray himself as a hero while blaming Sarah (Dawn Olivieri) for his father’s murder. Afterward, Beth makes her way to the barn where John's coffin rests, vowing to avenge him. She quickly changes, grabs mace and a knife, and heads out with Rip and Lloyd in pursuit. Jamie, still smug from his press conference, arrives home to find Beth waiting. She attacks him with a tire iron, and the two engage in a brutal fight.
As the battle between Beth and Jamie escalates, they exchange harsh words, with Jamie threatening to expose the Duttons' secrets and turn the ranch into a tourist destination. When Beth reveals the land's sale to Rainwater, Jamie becomes furious. The fight intensifies, and just when it seems Jamie is about to choke Beth, Rip and Lloyd intervene. Beth drives a knife into Jamie’s chest, fulfilling her promise that he would be the last thing she ever saw.
Afterward, Rip and Lloyd dispose of Jamie’s body, dumping it in a ravine and burning his SUV to cover their tracks. Meanwhile, Rainwater and Kayce finalize the ranch sale, with Rainwater promising to protect the land as a wilderness area, ensuring it stays pristine. Kayce feels a sense of freedom, shedding his livestock commissioner badge and observing a wolf, symbolizing his past visions. Mo informs him that everyone can now see the animal.
In the hospital, Beth tells Detective Dillard (Rory Cochrane) that Jamie attacked her after she accused him of their father’s murder. She suggests investigating Sarah’s LLCs and large offshore transfers to uncover the truth. Meanwhile, Teeter is in Texas working for Travis, and Ryan reconnects with Abby (Lainey Wilson). At the Dutton estate, Kayce and Beth share a final walk around the ranch, and Rip and Lloyd remove the ranch's iconic sign. Kayce declines the sign, choosing to start fresh.
The final moments show the Broken Rock Reservation residents moving onto the Dutton ranch, making it their own by removing the Y logo, renovating the land, and vandalizing graves. Mo steps in to remind the kids of the Duttons' sacrifices. The camera lingers on a grave belonging to Elsa Dutton (Isabel May), the star of Yellowstone prequel 1883. The show ends with Kayce, Monica, and Tate settling on their new ranch, while Beth and Rip embrace a simpler life in Dillon, symbolizing the end of the Dutton family's legacy.