The film presents a vivid exploration of the pivotal years between 1964 and 1980, beginning with the celebration of Douglas Kenney (Will Forte) and Henry Beard (Domhnall Gleeson) as they rejoice in the success of their book, Bored of the Rings, alongside their fellow colleagues from the Harvard Lampoon. Upon their graduation from the prestigious university, Kenney convinces Beard to abandon his path to law school and instead embark on creating a monthly publication, National Lampoon, which rapidly becomes synonymous with irreverent comedic commentary. While Kenney emerges as the outlet's main comedic voice, Beard's sharp business instinct provides vital guidance as the magazine begins its ascent.
With the financial backing of Matty Simmons, the writers dedicate themselves to generating uproariously humorous content even while immersed in a whirlwind of parties and illicit substances. Although the magazine faces initial challenges in establishing its presence, impending legal action from big players like Disney and Volkswagen catalyzes a transformative moment, solidifying National Lampoon’s role in revolutionizing comedic narratives through its fearless satire and parody.
As Kenney grapples with overwhelming burnout, he departs abruptly for nine months, leaving a cryptic message for Beard. Nevertheless, Beard manages to navigate the magazine through this turbulent period, eventually orchestrating a lucrative buyout from Simmons alongside Kenney. However, as stress and dissatisfaction mount, Beard decides to cash in his stake and leave the publication behind.
The influence of National Lampoon soon extends into the realm of radio with an hour-long show, showcasing prominent comedic talents such as Chevy Chase, Bill Murray, and Gilda Radner. Eventually, Lorne Michaels acquires the entire operation and melds it into the fabric of Saturday Night Live. Not to be outdone, special magazine editions feature biting critiques of high school yearbooks, further solidifying its cultural impact.
As Kenney pivots toward the film industry, he writes the groundbreaking Animal House in 1978, which catapults him to fame. However, the high of success is soon overshadowed by a devastating addiction to cocaine. Amid escalating conflicts with studio executives, he pens Caddyshack, yet soon finds himself disillusioned and overwhelmed, culminating in a humiliating press conference where his struggles become all too apparent.
With the decline of National Lampoon, Kenney, Beard, and Chris Hoffman decide to sell their cherished publication to Simmons’ Twenty First Century Communications. This crucial decision marks a watershed moment for Kenney, whose battle with cocaine addiction spirals into chaos, silencing the flame of creativity that once burned brightly within him.
In a desperate attempt to support his friend, Chevy Chase takes Kenney on a restorative trip to the sun-drenched beaches of Hawai'i, hoping to guide him through the treacherous path of recovery. Sadly, Kenney’s inevitable relapse leads him into a profound despair.
The tragic climax occurs in 1980, when Kenney's lifeless body is discovered at the bottom of a Hawai'ian cliff, his belongings eerily arranged atop the edge—a haunting reminder of life’s fragility.
In a surreal twist, Kenney’s narrative returns to the forefront, this time infused with indignation as he observes the mourners at his funeral. Displeased with their display of grief, Kenney acknowledges that although his life ended too soon, his legacy continues through the sharp wit and creativity emblematic of National Lampoon.
The film wraps with Beard lightening the somber mood of the wake, igniting a lively food fight that harkens back to their carefree days at Harvard Lampoon. This moment blurs the lines between life and death, causing us to reflect on the lasting impact of humor amidst the specter of mortality.
