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The scene starts with the Elite standing in front of a chain link fence, and the camera pointing at their shoes until Kenny calls for it to zoom in on him.

Matt: Is it hot in here, or what?
Nick: Look at us.
Matt: Oh, it's the heat right?
Nick: It's definitely the heat.
Kenny: Hey, camera man, hey, bring it up, bring it up. Tight to the face. 
Kenny: [when the camera has zoomed in] There we go. Hey, Hanger. We've heard the big news: next week it's your Dark Order boys against the Elite.
Nick: Good luck.
Kenny: And I wish I could say I'm feeling excited. I wish I could say I'm feeling festive because it's the Halloween episode. But you know something? Every single week teaming with you for a year felt like Halloween. And why is that? Because, while I was always the Best Bout Machine, while I was always the Cleaner, while I was always [places hand on belt] championship material, there you were, cosplaying as cowboy.
Matt: [hoots]
Kenny: Trying to fool everybody into something that you really weren't, but I know the man behind the hat. I know the man behind the shirt, I know the man behind those skintight jeans, and I know your insecurities. I know that you can't sleep at night because you're afraid of failure. And I know right now, leading into the pay-per-view, one on one against me, you're burning through Negative One's diaper supply faster than you're burning through that homemade supply of moonshine you got in your house.
Matt: [hoots]
Adam: [claps, laughs]
Kenny: And Hangman, if people only knew you the way I know you, they wouldn't be chanting cowboy shit, they'd be calling you what you really are: coward shit.
Nick: Oh, Jeez.
Kenny: I'll see you next week.
Adam: Damn right. Damn right. That was [???]
Matt: That last line, specifically.
Adam: That burn.
Kenny: Thank you for that.
Adam: No, no—
Matt: [pointing at Adam] That was you?
Kenny: It was, it was him! It was all him!