The narrative unfolds through the eyes of Lisa "The Informer" Janusch (Marla Sokoloff), who serves as the bitter and envious head cheerleader of Lincoln High School's B-squad, known as the Emancipators (or "the Fighting E's"). In stark contrast stands Diane "The Mastermind" Weston (Marley Shelton), the charismatic head cheerleader of the more popular A-squad. Enter Jack, the school's star football quarterback and a recent transfer, who captures the attention of not just the cheerleaders, but the entire student body.
Lisa harbors deep animosity towards Diane, convinced that Diane feels threatened by her cheerleading skills and intentionally excluded her from the A-squad, a team Lisa has been relegated to for four long years. Meanwhile, they navigate the chaos that is high school life, where popularity and football dominate the social hierarchy. Smith, the principal played by Wiley Harker, remains oblivious to the rivalries brewing in his school. Lisa is quick to criticize Diane, declaring her cheerleading routines to be stale and outdated, even going as far as to submit a nitpicking report about her to the National Cheerleaders Association.
With his charm and athletic prowess, Jack quickly rises to the status of school heartthrob, prompting Lisa to unknowingly join the ranks of those enamored by him. After being elected Homecoming King, Jack asks Diane to the Homecoming dance, making her feel like a queen amid a sea of jealous glances. To everyone's shock, Diane soon finds herself in a whirlwind romance with Jack, leading to unexpected consequences when she discovers she is pregnant.
Faced with the prospect of parenthood, Diane and Jack decide to marry and break the news to their parents, but in a twist of fate, they end up homeless after being kicked out. Diane’s dreams of starting a family clash with the hard reality of their financial struggles. With no source of income, they are met with disappointment from banks unwilling to offer them loans.
As Jack grapples with maintaining steady employment due to his outspoken nature, he finally secures a position at a local video rental store. Managing the demanding task of balancing their education and their meager income of $485 against their monthly expenses of $730 becomes a grueling challenge. Lisa, always lurking in the background, crosses paths with Jack at the rental shop, where her interest in him grows, yet remains unreciprocated.
To outsiders, Jack and Diane appear to lead an enviable life; they have their own apartment where they seemingly enjoy the freedom of youth while indulging in R-rated films, all courtesy of Jack’s employee discount. However, the reality is much grimmer, as their landlord deals in illegal goods, adding further complications to their already tangled lives. Jack's role in leading his team to victory in the state championship showcases his athletic skills, but it also underlines the pressures mounting on their fledgling family.
As they face mounting financial difficulties, Diane hatches a daring plan alongside her cheerleading squad, which includes fierce personalities like Kansas "The Rebel" Hill (Mena Suvari), impulsive Cleo "The Stalker" Miller (Melissa George), obsessive Lucy "The Brain" Whitman (Sara Marsh), and steadfast Hannah "The Virgin" Wald (Rachel Blanchard). Their unlikely plot? A bank robbery—because, according to Diane, cash is the only way to achieve the comfort and dreams they crave.
Diane, armed with a steadfast belief that money is essential for happiness, persuades her friends to take the plunge into a life of crime, all while they prepare for their winter ball performance. They consume themselves with heist movie marathons, secretly visiting Diane's imprisoned mother for insights on weapons procurement, which leads them to the seedy underbelly of the local bug extermination business.
As they gather the courage to commit to the heist, unforeseen complications arise when some members reconsider their involvement. Lucy initially backs out, opting for her scholarship to Harvard. Yet, Diane finds herself pulled into an unbreakable bond with Jack, who surprises her with an engagement ring. This moment of joy is juxtaposed with the impending heist, where they secure a decrepit getaway van, illustrating the chaotic blend of excitement and dread that encapsulates their lives.
Venturing out for their first robbery creates a frenzy, and in a comical twist, Lisa happens to be present, unknowingly capturing their cheerleader stunts on camera as they perform under pressure. Following a chaotic and dangerous bank heist, which narrowly avoids disaster, Diane and her friends revel in their newfound wealth, only to be confronted by the consequences of their actions shortly thereafter.
In the aftermath of their audacious escapade, they find themselves cornered by Lisa and the authorities in the school cafeteria. Faced with dire straits, Diane strikes a deal with her rival, promising her the captainship of the A-squad in exchange for silence about the heist. This surprising twist forces the squad to rethink their loyalties and ambitions as they strategize their way out of this predicament while anticipating new challenges ahead in their lives.
Ultimately, Diane's fabricated story about winning the lottery spirals out of control, leading to a convoluted existence as they navigate parenthood and the consequences of their wild decisions, showing that high school dreams can lead to unforeseen realities, and that sometimes, the pursuit of happiness comes with a hefty price tag.
