Plot hole: There is a rather confusing revelation when Chloe is shown the recording Joe Fields made for his daughter to see in the event that he were to die. In the recording, Fields tells his daughter that he did not kill the cop (Chloe's father). Chloe then notices that this is true because based on the timestamp on a sign in the background of the recording, he made the video 3 minutes before her father was killed. But this would be impossible because at that point the cop in question was still alive.
Suggested correction: That was the whole point of the episode. Joe Fields never killed Chloe's dad (officer Decker). Fields was innocent and took the fall for his murder. The time on the sign showed that Fields was too far away to have killed her dad. Her dad was in fact assassinated (arranged by Perry Smith) and not killed in a robbery attempt as previously believed.
But why would he even make a tape saying he didn't kill the cop if it hadn't even happened yet? Makes no sense. Did he go back in time?
I think you should rewatch the episode. He already agreed to take the fall for the murder. He knew the murder was going to happen. He made the tape for his daughter before he went to prison (and possibly made it before the murder as to further prove his innocent). The tape was to be given to his daughter after he died so that it wouldn't affect the deal he made.
They never made the connection that he knew the murder was going to happen, instead they went on a wild goose chase instead of going bit by bit.
But then as Bishop is saying, Joe Fields knew that the hit was going to go down. He made the video declaring his innocence so his daughter would eventually get the tape. Whether he knew that he would be exonerated is another matter. But the point remains the same. He knew that the cop was going to be killed and simply prepared for it. No mistake.