Flat broke and recovering from an accident, Nat Banyon sets out in pursuit of a farm job in Wyoming. On the way he saves the life of an eccentric older man named Finch, who offers his new young friend a job painting his decrepit lakeside motel in the small town of Deepwater. From the moment he sees her, Nat is distracted by Finch's alluring young wife Iris, and it's not long before the two have started a passionate affair. Finch continues to treat Nat like a son, but his motives become suspicious when he challenges Nat to a "friendly" boxing match. With Finch's manipulations coming to light and the unspoken fear and grip he holds over the town's populace remaining a mystery, the dead body of one of his arch rivals turns up. While everyone is pointing the finger at Finch, Nat's confusion becomes more apparent. This confusion is only exacerbated when Iris reveals her plan to steal the coming rewards of Finch's "side business". As Nat finishes painting the motel, his whole world skews into a darker shade, lines blur between friend and foe, and the strange threat of the boxing match fuels Nat's paranoia. Left with nothing but his diminishing sanity, Nat has decisions to make that will change the course of Deepwater forever.