Part 4 of 6-part crossover with The Defenders. NOTE: Steve Englehart explains the Watergate-related plot alterations to this story in the letters page of Avengers #122.
This issue is a variant of The Avengers (Marvel, 1963 series) #117 [Regular Edition].
The Swordsman fights Valkrie and Captain America fights the Sub-Mariner. Captain America and Sub-Mariner begin to realize that the two teams have been set up to fight each other by someone else.