"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 will immediately attack them.
After The Devil has been defeated, he unwillingly surrenders to the brothers. Cuphead states that he and Mugman will accept his surrender, but they weren't finished yet. The brothers then proceed to burn all of the soul contracts, releasing everyone they had previously fought from servitude to The Devil, and set off for home, with Cuphead being excited to tell everyone the good news. Subsequently telling the former debtors that they are free of their debts and won't be bothered again, the residents throw a celebration for Cuphead and Mugman as thanks, 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 sinisterly.
"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. it is unknown why the Root Pack were not present, but it is implied that Wally Warbles and Goopy Le Grande were actually killed as opposed to being forced to give up their contracts, and it is possible that Dr. Kahl was not present due to his robot being too damaged from his fight with Cuphead and Mugman, to continue moving.
- Blind Specter is the only passenger of the Phantom Express that appears in the good ending.