"Well, Cuphead gambled with the Devil....
Thought he'd win a hefty purse...
Mugman came along to help him....
But things, they just got worse!"
"Welching on me just like all the others, eh...
I'll teach you for backing out of a deal -- have at you!!"
If No is chosen, The Devil accuses the brothers of leeching off of him just like the other debtors did, and the boss fight begins.
With the devil defeated, Cuphead and Mugman accept his surrender and return home after destroying all his contracts, liberating the debtors. The residents throw a celebration for Cuphead and Mugman in gratitude, alongside Elder Kettle, who is proud of the two.
The book telling the story of Cuphead will then physically close, thus ending the game and rolling the credits. Shortly before the credits end, an unknown speaker can be heard saying "That's all there is...There isn't any more...Or is there?" and then laughing in a sinister manner, hinting a sequel.
"You're mine now! And we're gonna have a hell of a time down here...!!"
If Yes is chosen, The Devil proclaims that the brothers now belong to him and that they're going to have "a hell of a time" in Inkwell Hell. The scene then switches to Cuphead and Mugman being transformed into more demonic beings with evil grins on their faces while The Devil smiles in triumph. Once the scene ends, the credits will roll, but the music will instead play a piano remix of the Inkwell Hell theme. "Don't Deal With the Devil" can be heard playing in reverse on the title screen.
The debtors are not seen in this ending, but it is implied that they will be severely punished by The Devil for not giving their souls on time.
- The only debtors who did not appear in the good ending are The Root Pack, Goopy Le Grande, Wally Warbles, and Dr. Kahl's Robot. These missing debtors could have been simply absent for various reasons or blocked by each other.
- The backward-played title screen music is a reference to the panic that there were Satanic messages in popular rock songs that could be heard if the record was played backwards.
- The music played during the credits in the good ending is a slower rendition of the music heard in Shootin N' Lootin with added lyrics by King Dice.
- Croaks is not seen in the good ending but Ribby is. It is assumed that Croaks could be off screen.
- None of the minions that Cuphead fought while fighting the debtors are seen in the good ending. It is possible that either since the Devil only wanted the debtor's souls and did not care about the minion's souls, the minions were at the debtor's homes while the debtors were gone as they were celebrating Cuphead's heroic actions, or the minions have been completely killed by Cuphead and Mugman and the debtors did not care about their deaths as they saw them as nothing but tools.
- The words after the credits "That's all there is... There isn't any more". are a reference to the Madeline TV series from Disney. It also doubles as a reference to vaudeville performer/actress Ethel Barrymore, who used the sentence as a catchphrase to end each of her acts.