As the enigmatic leader known as "King William" (played by Ed Harris), Billy finds himself torn between his noble ideals of chivalry and the unforgiving nature of modern entrepreneurship. His journey is complicated by haunting visions of a majestic black bird, causing his mental stability to waver as he seeks to merge his Arthurian dreams with the pressures of managing a thriving motorcycle jousting troupe.
The arrival of the crafty promoter, Bontempi, adds to the internal strife among the troupe members, leading some to question their allegiance while eyeing more rewarding prospects. A harrowing night spent in jail, where Billy witnesses one of his team being viciously attacked by corrupt law enforcement, amplifies his feelings of betrayal and disillusionment.
Upon his release, Billy returns to the fairground to prepare for the next performance, only to discover an alarming twist: several members have defected to join Bontempi, forsaking Billy’s noble vision. Tension escalates further when Linet, his queen and closest ally, subtly implies that her loyalty may be motivated by more than just love for him.
As conflicts fester, a pivotal tournament erupts into chaos, pitting the troupe against a rowdy crowd. In a fierce showdown, Billy confronts an Indian rider bearing the emblem of his recurring nightmare—the black bird. Although he triumphs over his foe and honors him by granting knighthood, Billy sustains further injuries that complicate matters.
In the wake of this turbulent day, Morgan, the leader of the dissenters, seizes the chance to align with Bontempi, leading to a significant schism in the troupe. Loyal followers Alan and Julie depart, each seeking to escape personal demons—Alan grappling with deep emotions, while Julie struggles against her toxic family background.
Simultaneously, Pippin discovers an unexpected romance with Punch, sparking newfound love amid the troupe's turmoil. As the remaining members face their own tensions, Billy becomes more engrossed in Julie's world, unwittingly stepping into a whirlwind of her troubled past marked by familial abuse and emotional disarray.
Alan becomes intricately involved in Julie's plight, leading her back to her parents, all the while unaware of her ulterior motive: using him as a temporary refuge from her pain. This sets the stage for Billy and his loyal troupe to re-evaluate their roles in a rapidly changing world, anticipating the return of those who have left for Bontempi.
With Morgan's faction on the brink of collapse, Alan intervenes, imparting wisdom that in their realm of asphalt and steel, only one can claim the throne. With Bontempi's support, Morgan seeks to usurp Billy’s authority, as they prepare for a fierce competition where only the strongest will remain.
The climactic battle concludes with Morgan's ascension as the victor, marked by a ceremonial crowning led by none other than Billy. Yet, the king’s gaze is soon captivated by Angie, the troupe's brilliant mechanic, recognizing her potential to calm his restless spirit. Meanwhile, Linet finds an unexpected connection with Alan, Morgan’s former ally.
As Billy departs from this world, accompanied by a silent knight with an eagle crest, he leaves an indelible mark on his fellow riders. Even as they commemorate his life at his funeral, a poignant sense lingers that Billy’s essence—and the spirit of their nomadic lifestyle—has been extinguished. His passing starkly highlights the harsh realities of life on the open road, where triumph and disaster walk hand in hand.
