Oliver Quackenbush, Molly McCarthy and her brother Slats who acts as her publicity agent work for the Miramar Ballroom as taxi dancers.

Meanwhile, Chairman Kirkland, whose daughter Diane also attends Bixby, holds the mortgage on the college and threatens to foreclose if the dean continues to ignore tradition and does not expel Molly.

Unfortunately the bookie attempts to ensure the outcome by hiring a professional team to play in place of Bixby's opponent, Carleton.

Halfway through the game he receives a bump on the head and is convinced he is Daisy Dimple, "the world's greatest woman basketball player."

To make up for it, he steals the bookie's money and after a crosstown chase (in a sailboat on a trailer), the boys arrive in time to pay the mortgage and save the school.