Black Knight summons up the spirit of his ancestor Sir Percy of Scandia, who shows him what it was he intruded on last issue. How Kang, ruler of the 41st Century, agreed to play a game against the Grand-Master. If he wins he gets the power of life and death to resurrect his love Ravonna. If he loses Earth will be obliterated from history. He will pit his champions the Avengers against those of his opponent.
Last issue Captain America, Iron Man, and Thor defeated their opponents, but Black Knight disrupted the game by stopping Goliath's foe. Now Sir Percy shows Kang sending Black Panther, Vision, and Yellowjacket back from the future to 1941 in Nazi-occupied Paris, where Grand-Master has brought that era's Captain America, Human Torch, and Sub-Mariner to fight them in the 2nd half of the game.
The Invaders (as we will later call them) attack the Avengers because they think they are Nazis responsible for teleporting them to Paris.
Last issue Goliath took Black Knight's sword with him when he was whisked back to the future. Now Dane Whitman uses his mystic connection to the magical Ebony Blade to follow it there, where he finds Goliath held in stasis with Cap, Iron Man, and Thor. He retrieves his sword and locates Wasp, who isn't being used in the game. they set out to free the captive Avengers.
In Paris the battle commences with Black Panther against Cap, Yellowjacket vs Namor and Vision taking on Torch. But then our team regroup, and Panther and Yellowjacket lure all 3 of their opponents to one place where intangible Vision floats through them all, disrupting their bodily functions and rendering them unconscious.
Grand-Master agrees that Kang has won this round, and they bring the 3 Avengers back. But he claims that Kang didn't fully win round 1, because of Black Knight's interferemce. Thus Kang has only won the power of life OR death, not both.
Kang is about to choose the power of life, to revive Ravonna, when Black Knight and the freed Avengers burst in to be reunited with the 3 just returned from WWII. They say they won't attack Kang because he has just saved Earth from Grand-Master, but demand to be returned to their own time.
Kang hates the idea of letting his enemies the Avengers go. He begs Grand-Master to give him both powers, so he can kill the Avengers as well as save Ravonna. But GM forces him to choose.
Driven by hate, and convinced that his own genius will resurrect his love eventually, Kang chooses the power of death for the Avengers. As he is slowly draining the life from his foes, Black Knight knocks him out with his sword. The power of death over the Avengers didn't work on the non-Avenger BK.
Grand-Master sends the heroes back to their own time, where they vote Black Knight as an Avenger. Dane accepts, but says he won't be a regular attendee. He'll be on call back in England.