The staff of a record factory drown their sorrows at Duffy's Tavern, while the company owner faces threats of bankruptcy.

Having to leave Melbourne in a hurry to avoid various marriage proposals, two song-and-dance men sign on for work as divers. This takes them to an idyllic island on the way to Bali where they vie with each other for the favours of Princess Lala. The hazardous dive produces a chest of priceless jewels which arouses the less romantic interest of some shady locals.

Jarring Jack Jackson, the greatest football player in Ridgefield College history, is disappointed that his only son Junior is an uncoordinated, allergy-ridden bookworm. He uses his athletic reputation and standing as #1 alumni contributor to pressure the coach to take Junior on the team. In addition, he pays the tuition of Junior's financially needy classmate Bill Baker, a potential all-American, with the understanding that he will room with Junior and mentor him athletically and socially. Junior's initial efforts as quarterback prove disastrous and further complications arise when the room mates both fall in love with the same co-ed. Plot complications become critical as the climactic homecoming game approaches.