In 1960 New York City, young Bobby Shelton is gravely ill with scarlet fever, prompting his father, John Doolittle, to pray fervently at his bedside. Outside their apartment, an elderly man who turns out to be God (George Burns), dressed casually in a baseball cap and gray sweatsuit, notes Bobby's name and vows to keep an eye on him.
Fast forward 24 years to Los Angeles, California, where Bobby, now played by Ted Wass, struggles to make a name for himself as a singer-songwriter. His supportive wife, Roxanne Hart, works as a social worker but struggles to keep their spirits up. After facing another rejection from a record label, Bobby is ready to perform at a wedding for $500. Frustrated with his situation, he makes a desperate remark about selling his soul to the devil for success.
By some mysterious twist of fate, the Devil, who is also portrayed by George Burns as the cigar-smoking talent agent Harry O. Tophet, receives Bobby's plea while driving back from Miami. Upon noticing that God had promised to watch over Bobby, the Devil takes it as an opportunity, declaring that he has priority if anyone calls for him.
During the wedding reception, Harry appears, handing Bobby his card and promising him gigs at prestigious venues like Carnegie Hall and Madison Square Garden. Bobby, taken in by Harry's charm and the comedic chaos he creates among the guests, decides to hire this intriguing agent. He terminates his long-standing relationship with his original manager, Eugene Roche, and the ambitious Charlie Gray in favor of Harry, who pitches an astonish $3.5 million deal for the struggling artist.
As Bobby signs the contract, he is completely unaware that the name on the line is magically changed to that of the famous rock star Billy Wayne (Robert Desiderio), who has just weeks to live under Harry's influence. Suddenly, everyone in the industry recognizes Bobby Shelton as the iconic Billy Wayne, while Bobby's essence and memories start fading away. Meanwhile, the real Billy Wayne finds himself trapped in Bobby's body, with no clue of who he once was.
When Bobby calls Roxanne Hart to share his exciting news, he realizes that a stranger is now living his life with his beloved wife. Overwhelmed by the realization that his deal was a pact with the Devil, Bobby grapples with the consequences during his first now-successful concert. He experiences the high life of a rock star, reveling in fame, private planes, and wild parties, yet continually feels a sense of loss for who he used to be.
Five months into his new life, Harry visits Bobby again and shares disheartening news that God has become bitter, rarely coming to Earth. Bobby, in a moment of shock, learns that his wife is pregnant, but is relieved that this child was conceived before his fateful contract. Conflicted, he desperately seeks to break free from the Devil’s grasp, only to find his pleas dismissed by Harry.
Bobby turns to religious leaders in search of guidance. Sadly, they view him as mentally unstable. One day, he encounters a sidewalk preacher who simply advises him to find God in the desert. Consequently, Bobby feels an urge to perform in Las Vegas, hoping to connect with a higher power. After a successful show at Caesars Palace, he asks to speak with the Lord, leading to a phone call where God reassures him but offers no immediate solution.
In a dark turn, as a last resort to escape the luxurious yet hollow life he never asked for, Bobby attempts suicide in his dressing room. Just as he is about to take his last breath, God and the Devil engage in a high-stakes poker game for Bobby's soul. With the potential for an infinite number of souls at risk should God win, the Devil ultimately realizes the stakes are too high and folds, conceding Bobby's freedom.
After this game, Bobby awakens, liberated from Billy Wayne's celebrity status. God, donning a wise-cracking demeanor similar to Harry's, reminds Bobby of the promise made during his childhood illness and sends him back to his wife. Unbeknownst to Wendy, who has been oblivious to the swap, she welcomes her husband home, sensing a profound change in him.
Five years later, Bobby is seen rushing to his sick daughter's bedside, singing tenderly to her, and suddenly, he hears God’s voice reassuring him once more.
