My barber is Len Lesser's (Uncle Leo) barber, and this is what Len told the barber (I also heard somewhat of a similar story from a friend at Columbia, so its got to be close).
This is how it goes:
Jerry finds out he has won the Publishing Clearing House sweepstakes of $10 million. He buys George, Elaine and Kramer each a Cadillac, and for fun, he buys Newman a Geo Metro. He then heads off for a trip, flying first class on the Concorde to Europe. In Paris, he runs into his old fiance, played by Janeane Garofolo and they rekindle their romance.
Back home, Elaine falls in love with the guy who services her new Cadillac, breaking Puddy's heart. Puddy leaves on the next plane to Algeria to join the French Foreign Legion. Later, however, Elaine finds out that her new boyfriend once voted Republican and dumps him. She is trying to find Puddy to make up with him.
George in the meantime meets a new girl and credits it to the Cadillac. One day while driving to work, he crashes into his boss' Mercedes, parked in the lot. He calls Jerry in Europe and says you got to buy me a new Cadillac and my boss a new Mercedes, or I'll lose my girlfriend and my new job. Jerry says, what the hell, I have $10 million!
In the meantime, Kramer decides that the big Cadillac is just too big for him, so he rents out the back of the car to an immigrant family. He is then arrested for being in violation of the city housing laws, and Jackie Childs comes to defend him ("Who told you to let a family live in the Caddy? Did I tell you to let a family live in the Caddy?").
George buys himself a new Cadillac and a new Mercedes for his boss, but realized too late that the Mercedes is the wrong color (shot of him on the phone with the car salesman - "I said Desert Flower, not Dessert Creme!). He then tries to convince Mr. Kruger that he is colorblind (Yes sir Mr. Kruger, I understand from your son its quite commmon in your family!).
Elaine is searching for Puddy in Algeria (montage scene of Puddy marching with troops, Elaine on camel, etc.) Montage of Jerry and his girlfriend in Paris, Kramer in jail, George administering various vision tests to Mr. Kruger, etc.
Jerry is in a Paris hotel, having sex with his girlfriend when he calls her "Elaine." She gets mad, and leaves for good. Jerry then ponders if, after all these years, did he have feelings for Elaine? He calls George, who after succesfully "diagnoising" Mr. Kruger's "colorblindness" has now been asked to "administer" vision tests to all the Kruger Industrial Smoothing employees. George listens to Jerry's dilemna and tells him that Elaine went off to Algeria to look for Putty. So, Jerry goes to Algeria to find Elaine.
In the meantime, Kramer is on trial, and is convicted of being a slumlord. He is sentenced to 200 hours of community service which includes working as an assistant chef to the Soup Nazi.
George has now given "vision" advice to all the employees of Kruger Industrial Smoothing, and is now finding that they are not going to their right cars, they aren't recognizing their wives, etc. When it turns out that one of the employees is the father of George's new girlfriend, and that her father left with another woman because of George's mistake, she dumps him. He goes to the grave of Susan, asks her what is wrong with him. She appears as a ghost and tells him to go join a seminary and become a priest. He does this, and is not heard from for a while. Susan's ghost is seen laughing.
Jerry eventually finds Elaine, who has also found Puddy, and confesses her love to him. Puddy's commanding officer, an old Frenchman, tells Puddy that he must duel Jerry for Elaine. Jerry is willing to do it, Elaine begs them not to, but Puddy looks at his commander and says "You think I'm going to take a bullet for her?" and drives off into the sunset in a jeep, never to be heard from again. Jerry falls to his knees, proposes to Elaine, and she accepts.
The next scene is Jerry and Elaine's wedding. Every possible recurring cast member ever is there, (except Newman) including the Soup Nazi and Kramer who are serving soup to the wedding guests, in the style of the Soup Nazi (to Mrs. Constanza: No soup for you! Mrs. Costanza: No soup?!? Why don't I get any soup? Frank, he said no soup!!!"). Jerry then tells Elaine he has bought her a wedding present - he bought the building the Soup Nazi's store his in and has cancelled his lease (No job for you! He says to the Soup Nazi). He has installed Kramer as the new soup man and everyone in the neighborhood can eat there in peace now! George is now an ordained minister in one of those mail-order churches (he couldn't handle how long it would take to become a Catholic priest) and performs the wedding.
The final scene is Newman driving to the new soup place, but he gets stuck in his Geo Metro and can't get out. Jerry is outside laughing, Kramer is serving soup, Elaine is eating soup and George, in ministerial garb, is giving soup to the poor.
The very last scene is the four cast members taking a bow in the Jerry apartment set, the theme song plays, then they walk across the soundstage, arm in arm, out the main door where they are flanked and applauded by all of the NBC sitcom stars (i.e. Friends, Fraiser, Mad About You, Caroline In The City, even cancelled shows like The Single Guy and old shows like Cheers and Night Court).
Jerry looks over his shoulder, back at the camera, a close-up of his face mouthing "Thank you!," fade to black.