2006 Chevy Malibu P0420?

akinok

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My check engine light came on and we took it to auto zone and the diagnostic came back with "The oxygen sensors monitor the Catalytic Converters ability to store oxygen. Probable cause:
1. Catalytic converter defective (failure possibly due to # 2, 3, or 4)
2. Engine misfire or running condition
3. large vacuum leak
4 Engine oil leakage into exhaust-valve guide seals, piston rings"

What does that mean? And what do I do to fix it? If I cannot fix it myself what auto shop would be the best place to get it fixed for less?
 
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