Luther Krank is fed up with the commerciality of Christmas; he decides to skip the holiday and go on a vacation with his wife instead. But when his daughter decides at the last minute to come home, he must put together a holiday celebration.
Located in the US Rust Belt, Charlestown is home of the hapless Chiefs, a losing Federal League hockey team whose games are poorly attended. To make money, the team's unknown owner makes its manager, Joe McGrath, do cheesy publicity much to the players' chagrin. Rumors abound among the players that if the local mill closes, the team will fold. Just before the official announcement is made, the team's aging player/coach, Reggie Dunlop, does get wind that the mill is indeed closing and that this season will be the team's last. Beyond efforts to reconcile with his wife Francine, who loves Reggie but doesn't love his career, Reggie begins to focus on how to renew interest in the team for a possible sale as he knows if the team folds, his hockey career is over. Without telling anyone of his plan, he begins a rumor that the owner is negotiating a sale with a city in Florida.