Sewage workers Gordie Boggs (David Arquette) and Sean Dawkins (Scott Caan) are not just your average laborers; they are avid fans of professional wrestling. They pride themselves on their extensive knowledge of the sport's history, though they remain blissfully unaware that it is merely a scripted form of entertainment. Their admiration is particularly directed towards Jimmy King (Oliver Platt), the reigning WCW World Heavyweight Champion, who embodies a regal character on television. Unbeknownst to the duo, King is a washed-up wrestler who has squandered his wealth and shows little respect for those around him.
Fed up with King's reckless attitude, Titus Sinclair (Joe Pantoliano), the owner and promoter of WCW, devises a devious plan to strip King of his title. He hires wrestler Diamond Dallas Page (Himself) to face King in what many believe will be a routine match—one that King is expected to win. As die-hard fans, Gordie and Sean attend a WCW Monday Nitro show, eagerly anticipating a glorious King victory. However, their dreams are shattered when they witness their favorite wrestler being brutally defeated and unceremoniously fired by WCW for life. Enraged and disappointed, the pair wreck their septic truck on the way home, leading to an unexpected car crash.
Yet, rather than viewing the accident as bad luck, Gordie interprets it as a sign that they must help Jimmy King reclaim his title. Sean, somewhat reluctantly, agrees to join Gordie on this quest. The next day, they meet Isaac (Chris Owen), a nerdy wrestling enthusiast whose father belittles his interests. They enlist Isaac's internet skills to track down King’s whereabouts. After digging through information, Isaac successfully uncovers King’s address, leading the trio to a seedy neighborhood where they meet King’s estranged wife, Eugenia (Caroline Rhea), and his simpleton son Frankie (Tait Smith). To their surprise, they learn that King abandoned his family years ago, failing to provide even the slightest support.
Eventually, they locate King, hiding in a trailer park while inebriated and disguised as a woman, fearing reprisals from Sinclair. After paying King $30 for a brief meeting, they engage in a discussion that ends with King asserting that he has officially left wrestling behind. Undeterred, Gordie and Sean insist that King still has fight left in him, which leads King to attack the two fans out of frustration. Inspired by their reckless encouragement, King knocks them out with his signature finishing move. The next morning, he is slightly sober and somewhat willing to give wrestling another shot.
On their way to the WCW arena, Gordie writes letters to his father, an overzealous cop hoping Gordie will follow in his footsteps, while despising wrestling as "fake." After a heated exchange, Gordie's father reacts furiously by shooting at the letter. Upon reaching the arena, the trio has to hide King in a port-a-potty, and they are eventually joined by their beloved Nitro Girl, Sasha (Rose McGowan). When DDP mocks King back-stage, King makes a dramatic entrance, triggering Sinclair to agree to a rematch—a triple cage match where he could reclaim his title, along with a million-dollar bonus, if he wins, but if he loses, he must retire permanently from wrestling.
As tension mounts, tension between Gordie and Sasha sparks a romantic encounter, but dread lurks as King finds himself trapped in fear when he unexpectedly tumbles into a sewer. The boys seek him out, convincing him they have found an ideal trainer in Sal Bandini (Martin Landau), an old-school coach known for his grueling methods. Meanwhile, their attempts to recruit King’s former partner, Bill Goldberg (Himself), fail as Goldberg harbors resentment towards King’s prior treatment of him.
The stakes rise when Sal is injured by DDP’s henchmen, leading to revelations that Sasha had been spies all along. Heartbroken over the betrayal, Gordie confronts her, resulting in a breakup. With training secured, the trio ventures to Gordie's hometown, where King visits Eugenia to apologize, vowing to use any prize money to rectify his past mistakes.
As they prepare for the match, Gordie's father comes to retrieve his son, dismissing his dreams. At the last minute, Sean and King attempt to free Gordie from his confines, but he remains steadfast about focusing on his future. Eventually, they audition potential entourage members for the upcoming match, but sadly come up empty-handed as no one seems fit to join King’s side.
On match night, nerves abound as King faces DDP, who intends to win no matter the cost. Just as King is overwhelmed by DDP's goons, help arrives in the form of fellow wrestlers like Goldberg and Sting who vow to assist King. In a twist of fate, Gordie, now dressed in a wrestling outfit reminiscent of his father’s, breaks into the cage to aid King. With a show of bravery, the group combats the goons while King and DDP fight their way to the title belt.
As chaos ensues, the tension reaches a climax. In an unexpected turn, DDP throws King down to the lowest cage, but he rallies back, ultimately defeating DDP and reclaiming his champion title. After the match, Gordie and Sean confront Sinclair, tossing him into the crowd for fans to exact their vengeance. King proposes a new tag team with Gordie, much to the approval of Gordie's father and a jubilant Wendy cheering for Sean.
The film culminates with Sean sharing their adventure with local kids, saying, "dreams can come true," as the mean store clerk is hurled through the glass by the heroes. In a grand finale, the trio drives off in a stretch Hummer, celebrating with Sal in a hot tub, quipping "God bless America." Amidst the credits, laughter ensues with a series of bloopers and a montage featuring unforgettable knee kicks.
