diff --git a/builtin/replay.c b/builtin/replay.c
index 9c795c05a7..119cfecfe7 100644
--- a/builtin/replay.c
+++ b/builtin/replay.c
@@ -6,17 +6,13 @@
 #include "git-compat-util.h"
 
 #include "builtin.h"
-#include "cache-tree.h"
-#include "commit.h"
 #include "hex.h"
 #include "lockfile.h"
 #include "merge-ort.h"
 #include "parse-options.h"
 #include "refs.h"
 #include "revision.h"
-#include "sequencer.h"
 #include "strvec.h"
-#include "tree.h"
 
 static const char *short_commit_name(struct commit *commit)
 {
@@ -93,6 +89,7 @@ static struct commit *pick_regular_commit(struct commit *pickme,
 	pickme_tree = get_commit_tree(pickme);
 	base_tree = get_commit_tree(base);
 
+	merge_opt->branch1 = short_commit_name(last_commit);
 	merge_opt->branch2 = short_commit_name(pickme);
 	merge_opt->ancestor = xstrfmt("parent of %s", merge_opt->branch2);
 
@@ -113,15 +110,12 @@ int cmd_replay(int argc, const char **argv, const char *prefix)
 {
 	struct commit *onto;
 	const char *onto_name = NULL;
-	struct commit *last_commit = NULL, *last_picked_commit = NULL;
-	struct lock_file lock = LOCK_INIT;
+	struct commit *last_commit = NULL;
 	struct strvec rev_walk_args = STRVEC_INIT;
 	struct rev_info revs;
 	struct commit *commit;
 	struct merge_options merge_opt;
-	struct tree *head_tree;
 	struct merge_result result;
-	struct strbuf reflog_msg = STRBUF_INIT;
 	struct strbuf branch_name = STRBUF_INIT;
 	int ret = 0;
 
@@ -177,20 +171,19 @@ int cmd_replay(int argc, const char **argv, const char *prefix)
 	init_merge_options(&merge_opt, the_repository);
 	memset(&result, 0, sizeof(result));
 	merge_opt.show_rename_progress = 0;
-	merge_opt.branch1 = "HEAD";
-	head_tree = get_commit_tree(onto);
-	result.tree = head_tree;
+	result.tree = get_commit_tree(onto);
 	last_commit = onto;
 	while ((commit = get_revision(&revs))) {
-		struct commit *pick;
+		const struct name_decoration *decoration;
 
 		if (!commit->parents)
 			die(_("replaying down to root commit is not supported yet!"));
 		if (commit->parents->next)
 			die(_("replaying merge commits is not supported yet!"));
 
-		pick = pick_regular_commit(commit, last_commit, &merge_opt, &result);
-		if (!pick) {
+		last_commit = pick_regular_commit(commit, last_commit, &merge_opt, &result);
+
+		if (!last_commit) {
 			/* TODO: handle conflicts in sparse worktree instead */
 			struct object_id head;
 			struct tree *head_tree;
@@ -215,54 +208,31 @@ int cmd_replay(int argc, const char **argv, const char *prefix)
 			    oid_to_hex(&commit->object.oid));
 		}
 
-		last_commit = pick;
-		last_picked_commit = commit;
-	}
-
-	repo_hold_locked_index(the_repository, &lock, LOCK_DIE_ON_ERROR);
-	if (repo_read_index(the_repository) < 0)
-		BUG("Could not read index");
-
-	merge_switch_to_result(&merge_opt, head_tree, &result, 1, !result.clean);
-
-	if (result.clean < 0)
-		exit(128);
-
-	if (result.clean) {
-		strbuf_addf(&reflog_msg, "finish rebase %s onto %s",
-			    oid_to_hex(&last_picked_commit->object.oid),
-			    oid_to_hex(&last_commit->object.oid));
-		if (update_ref(reflog_msg.buf, branch_name.buf,
-			       &last_commit->object.oid,
-			       &last_picked_commit->object.oid,
-			       REF_NO_DEREF, UPDATE_REFS_MSG_ON_ERR)) {
-			error(_("could not update %s"), argv[2]);
-			die("Failed to update %s", argv[2]);
-		}
-		if (create_symref("HEAD", branch_name.buf, reflog_msg.buf) < 0)
-			die(_("unable to update HEAD"));
-
-		prime_cache_tree(the_repository, the_repository->index,
-				 result.tree);
-	} else {
-		strbuf_addf(&reflog_msg, "rebase progress up to %s",
-			    oid_to_hex(&last_picked_commit->object.oid));
-		if (update_ref(reflog_msg.buf, "HEAD",
-			       &last_commit->object.oid,
-			       &onto->object.oid,
-			       REF_NO_DEREF, UPDATE_REFS_MSG_ON_ERR)) {
-			error(_("could not update %s"), argv[2]);
-			die("Failed to update %s", argv[2]);
+		decoration = get_name_decoration(&commit->object);
+		if (!decoration)
+			continue;
+
+		while (decoration) {
+			if (decoration->type == DECORATION_REF_LOCAL) {
+				printf("update %s %s %s\n",
+				       decoration->name,
+				       oid_to_hex(&last_commit->object.oid),
+				       oid_to_hex(&commit->object.oid));
+			}
+			decoration = decoration->next;
 		}
 	}
-	if (write_locked_index(&the_index, &lock,
-			       COMMIT_LOCK | SKIP_IF_UNCHANGED))
-		die(_("unable to write %s"), get_index_file());
 
-	ret = (result.clean == 0);
+	/* Cleanup */
+	merge_finalize(&merge_opt, &result);
+	ret = result.clean;
+
 cleanup:
-	strbuf_release(&reflog_msg);
 	strbuf_release(&branch_name);
 	release_revisions(&revs);
-	return ret;
+
+	/* Return */
+	if (ret < 0)
+		exit(128);
+	return ret ? 0 : 1;
 }
diff --git a/t/t6429-merge-sequence-rename-caching.sh b/t/t6429-merge-sequence-rename-caching.sh
index 40505c9054..bfdf7f30b3 100755
--- a/t/t6429-merge-sequence-rename-caching.sh
+++ b/t/t6429-merge-sequence-rename-caching.sh
@@ -71,7 +71,9 @@ test_expect_success 'caching renames does not preclude finding new ones' '
 
 		git switch upstream &&
 
-		git replay --onto HEAD upstream~1 topic &&
+		git replay --onto HEAD upstream~1 topic >out &&
+		git update-ref --stdin <out &&
+		git checkout topic &&
 
 		git ls-files >tracked-files &&
 		test_line_count = 2 tracked-files &&
@@ -139,7 +141,9 @@ test_expect_success 'cherry-pick both a commit and its immediate revert' '
 		GIT_TRACE2_PERF="$(pwd)/trace.output" &&
 		export GIT_TRACE2_PERF &&
 
-		git replay --onto HEAD upstream~1 topic &&
+		git replay --onto HEAD upstream~1 topic >out &&
+		git update-ref --stdin <out &&
+		git checkout topic &&
 
 		grep region_enter.*diffcore_rename trace.output >calls &&
 		test_line_count = 1 calls
@@ -197,7 +201,9 @@ test_expect_success 'rename same file identically, then reintroduce it' '
 		GIT_TRACE2_PERF="$(pwd)/trace.output" &&
 		export GIT_TRACE2_PERF &&
 
-		git replay --onto HEAD upstream~1 topic &&
+		git replay --onto HEAD upstream~1 topic >out &&
+		git update-ref --stdin <out &&
+		git checkout topic &&
 
 		git ls-files >tracked &&
 		test_line_count = 2 tracked &&
@@ -273,7 +279,9 @@ test_expect_success 'rename same file identically, then add file to old dir' '
 		GIT_TRACE2_PERF="$(pwd)/trace.output" &&
 		export GIT_TRACE2_PERF &&
 
-		git replay --onto HEAD upstream~1 topic &&
+		git replay --onto HEAD upstream~1 topic >out &&
+		git update-ref --stdin <out &&
+		git checkout topic &&
 
 		git ls-files >tracked &&
 		test_line_count = 4 tracked &&
@@ -450,7 +458,9 @@ test_expect_success 'dir rename unneeded, then add new file to old dir' '
 		GIT_TRACE2_PERF="$(pwd)/trace.output" &&
 		export GIT_TRACE2_PERF &&
 
-		git replay --onto HEAD upstream~1 topic &&
+		git replay --onto HEAD upstream~1 topic >out &&
+		git update-ref --stdin <out &&
+		git checkout topic &&
 
 		grep region_enter.*diffcore_rename trace.output >calls &&
 		test_line_count = 2 calls &&
@@ -515,7 +525,9 @@ test_expect_success 'dir rename unneeded, then rename existing file into old dir
 		GIT_TRACE2_PERF="$(pwd)/trace.output" &&
 		export GIT_TRACE2_PERF &&
 
-		git replay --onto HEAD upstream~1 topic &&
+		git replay --onto HEAD upstream~1 topic >out &&
+		git update-ref --stdin <out &&
+		git checkout topic &&
 
 		grep region_enter.*diffcore_rename trace.output >calls &&
 		test_line_count = 3 calls &&
@@ -616,7 +628,9 @@ test_expect_success 'caching renames only on upstream side, part 1' '
 		GIT_TRACE2_PERF="$(pwd)/trace.output" &&
 		export GIT_TRACE2_PERF &&
 
-		git replay --onto HEAD upstream~1 topic &&
+		git replay --onto HEAD upstream~1 topic >out &&
+		git update-ref --stdin <out &&
+		git checkout topic &&
 
 		grep region_enter.*diffcore_rename trace.output >calls &&
 		test_line_count = 1 calls &&
@@ -673,7 +687,9 @@ test_expect_success 'caching renames only on upstream side, part 2' '
 		GIT_TRACE2_PERF="$(pwd)/trace.output" &&
 		export GIT_TRACE2_PERF &&
 
-		git replay --onto HEAD upstream~1 topic &&
+		git replay --onto HEAD upstream~1 topic >out &&
+		git update-ref --stdin <out &&
+		git checkout topic &&
 
 		grep region_enter.*diffcore_rename trace.output >calls &&
 		test_line_count = 2 calls &&
