On Founders Day, Mr. Krabs hosts an eating contest. He is overjoyed because this is when he gets the most money out of every day of the year. Oswald McNulty has won the contest for several years in a row and was the defending champion. It turns out he wins because he just throws the Krabby Patties down his throat and doesn't taste them.
Patrick volunteers to represent Bikini Bottom in the eating contest and Mr. Krabs makes him train to the fullest. However, Patrick takes the extra seconds to taste the patties and struggles to eat more than five patties per minute.
After Mr. Krabs trains him, it is time for the contest and McNulty is winning by over one hundred patties. However, Patrick picks up the pace, eventually tying the contest.
Later, the score is tied, with both competitors at 999 patties. However, Ted's son puts a patty on Patrick's tongue, while he brings it into his mouth with his tongue.
Time runs out, meaning Patrick beats him by one Krabby Patty in the last few seconds.
- The name of the day might originate from the day Mr. Krabs founded the Krusty Krab.