Krusty the Clown's accountants reveal that the entertainer is flat broke despite his successful show and his many lucrative endorsement deals. The only way for him to get out of the hole financially is to open his own clown college and train students to perform as Krusty at restaurant openings and private parties. Fed up with job and his life, Homer decides to enroll in clown college and learns the fine arts of squirting flowers and mini-bicycle riding. After much preparation, Homer graduates with a Krusty degree and goes on to perform as the clown at various functions. As Krusty, Homer attracts the attention of Fat Tony and his mafia buddies who are after the real Krusty for his gambling debts. There's no way for Homer to convince the toughs that he's not really Krusty, especially when Krusty himself arrives on the scene to confuse things even more. Both clowns then must perform a potentially lethal, one-of-a-kind trick in order to prove who's the authentic Krusty.