This series is a riff on Avengers #16, in which the old Avengers left, and Captain America took charge of a new team of former villains, namely Scarlet Witch, Quicksilver, and Hawkeye. Those characters are represented here by the team Vanguard (version 2), with its members American Agent, Amazing Ariel, Sly Silva, and Sharpshooter respectively. In this introductory issue, they fight the Typhon (i.e. The Hulk). Matt Lesniewski and Hendricks split art duties on the story, with Lesniewski handling a TV interview that explains the characters, and Hendricks taking the fight against Typhon.
This pin-up uses the "face off" composition from King Size Avengers #2. The original Vanguard team on the left side comprises Coil (Iron Man), Ladybug (Wasp), Monolith (Giant Man), American Agent, and Artemis (another Hawkeye).
The right side of the page, the "Covenant of Malevolent Amalgams," is basically the Brotherhood of Evil Mutants, except in this story they are human/alien hybrids. From top to bottom we have Thaumaturgist (Mastermind), Blockster (Blob), Amazing Ariel and her brother Sly Silva back when they were misguided villains following their father, the Manipulator.
The flashback section of the story features a fight at Liberty Island (as in the first X-Men film), which is why the Statue of Liberty's head can be seen in the background here. It's crooked, because Manipulator has uprooted it and thrown it at Monolith.
