In New York City, a once-successful Broadway producer, who has been reduced to romancing old ladies to finance his flops, teams up with a timid, neurotic accountant. During an audit, the accountant unwittingly proposes a scheme: they could make more money with a guaranteed flop than with a hit. Intrigued by this unconventional idea, the producer decides to put this plan into action. They set out to find the worst play ever written, hire the most incompetent director, and produce the biggest flop in Broadway history, therefore allowing them to pocket their investors' money when the show quickly closes.

Their search leads them to a truly awful script that glorifies the Third Reich, written by an ex-Nazi. Convinced they've found the perfect disaster, they secure the rights and proceed to cast the show with the most inappropriate actors, including an unpredictable and flamboyant lead. As they navigate the chaotic world of Broadway production, filled with eccentric characters and unexpected challenges, their friendship is put to the test. The closer they get to opening night, the more they realize that their perfectly terrible plan might not unfold as they intended.