It's Christmastime and Kenny is living alone in a hotel penthouse suite, having sex with a random woman and doing lines of coke in the shape of a Christmas tree. With Guy Young fired, Kenny is now the lead host of 'Sports Sesh.' In the midst of a coke binge, he and Stevie instruct the crew to carry out his vision for the 'Sports Sesh' Christmas special, complete with models in reindeer costumes and a symphony of farts. During rehearsal, Kenny continues to alienate the crew and the two remaining co-hosts quit.
Kenny and his team of lawyers meet with April to discuss their divorce. April asks for half of the family assets, but Kenny's high-priced attorneys reject the offer. He tells April he'll go easy on her if she agrees to call off the divorce, but she can't bring herself to do it. Per his agreement with April, Kenny gives his kids Christmas gifts on December 23. But instead of expensive presents from Tiffany and Rolex, they just want the return of their pet wolf Dakota.
With Taters 'N' Tits hemorrhaging cash, Kenny decides to close the mall kiosk. Stevie is devastated. Having spent all his money on plastic surgery -- new boobs for Maria and a new chin for himself -- Stevie has no money left to buy Christmas presents for his kids. He works up the courage to tell Kenny off and storms out.
Just before the Christmas special, Kenny finds himself high, drunk and in a very dark place. During the taping, he goes increasingly off the rails. Lamenting the demise of his family, he starts to dismantle the set. He throws a Christmas tree across the stage while screaming, "Christmas can suck my dick!" When a set wall collapses onto a crew member, Kenny flees the scene.
Alone on Christmas Eve, Kenny opens a gift from April--a small ornament with a baseball player on it. Maria knocks on his door urgently; she can't find Stevie anywhere. They drive around and find him in a squalid motel room, gun pressed against his new chin. They talk him out of committing suicide, but Stevie accidentally shoots his chin off.
Covered in Stevie's blood, Kenny joins his brother and sister-in-law caroling. He spends the night at Cassie and Dustin's home and resolves to be a better man. The next morning, he sets out in search of Dakota, and returns the wolf to his kids' front lawn.