Team America gathers for a press conference immediately following the events of Team America #1. Wolf becomes frustrated with a reporter's persistence to interview him and smashes his microphone. Honcho restrains him and the team escorts him away from the press conference. R.U. Reddy and Wolf then have a short fight, which abruptly ends when Wolf smashes their race trophy and storms off.
Meanwhile, in New York City, the then-Supreme Hydra* is watching the press conference and expresses to his subordinates the need for Team America--specifically the Marauder-- to be dealt with. Agent Marcus volunteers to deal with the team, making it apparent to all involved that she covets the position of Supreme Hydra for herself. Marcus then auditions a freelance assassin for the task, commanding a handful of Hydra agents to attack him. The assassin easily subdues them, earning himself the contract.
Following Wolf's departure, Luke Merriweather, a.k.a. Cowboy, locates the team after seeing the press conference and announces his intentions to join the team. Similarly, mechanic Leonard "Wrench" Hebb and his girlfriend, Georgianna, locate Wolf immediately after he has earned himself a position in the Savage Skulls motorcycle club. The Skulls attack Wrench and attempt to abduct Georgianna. The Marauder arrives on the scene, heralding the arrival of Team America, who run off the Savage Skulls. Wrench and Georgianna are accepted into the team, and Wolf rejoins them.
In Montana, just prior to a race, the freelance assassin approaches Team America and announces that he has been contracted to kill the Marauder and that he suspects one of the team is the enigmatic cyclist. He warns them that he will see them during the race. True to his word, the hitman indeed tries to kill the team, but through ingenuity, Team America survives his attack without the intervention of the Marauder, and Cowboy ties the assassin. Later, the killer cuts himself free and decides to appeal to Agent Marcus for a second chance to attack the team rather than be hunted by Hydra for his failure. Unknown to him, the Marauder has witnessed his escape and follows.
In the end, the Marauder infiltrates the Hydra faction's base and activates a two-way monitor so that the Supreme Hydra is able to eavesdrop upon Agent Marcus announcing her intentions to kill the assassin and hide her failure. The outraged Supreme Hydra activates explosives beneath the base, apparently killing all within except for the assassin and the Marauder, both of whom escape separately.
The issue ends with Wolf joining Team America at a victory party**, and Honcho wondering when Hydra might strike at the team again.
*-Because of the proximity to Captain America #273 - Cap and the Howlers...Together Again!, the angles that conceal the entirety of Supreme Hydra's face, as well as the extreme reaction that he has to failure during this era when Hydra is run more like a business than a terrorist organization, I suspect that the Supreme Hydra was meant to be the Baron von Strucker robot.
**-The arrival of Wolf at the party so soon after the climax at the Hydra base was meant to imply that he was the Marauder, which added to the character's mystique when both Wolf and the Marauder were seen earlier in the same place together.