[episode starts at the Krusty Krab, SpongeBob is washing windows and singing]
SpongeBob: ♪Ooooooooo-oooooooohhh-woh-woooh, how much chum could a sea slug chug if a sea slug could chug...♪ [gasps, because he notices something outside, he then uses a pay phone to call Mr. Krabs in his office] Mr. Krabs, you gotta get out here! It's a code blue situation!
Mr. Krabs: Please deposit 25 cents to continue this call.
SpongeBob: Sure thing, Mr. K. [SpongeBob puts a quarter in the pay phone] Mr. Krabs, you gotta get out here! It's a code blue situation!
Mr. Krabs: Code blue?! [Mr. Krabs runs out of his office] What's the matter boy?
SpongeBob: I think Plankton wants to destroy our way of life.
Mr. Krabs: Man alive! [Plankton has a wrecking ball near the Krusty Krab] He's taking us down!
Plankton:[laughs] Get ready Krabs, [pulls a lever] for the surprise of your life!
Mr. Krabs: Brace yourself! [Mr. Krabs hides under a table, and SpongeBob hides under a barrel, the wrecking ball then misses the Krusty Krab] Huh? [the wrecking ball then destroys the Chum Bucket] Plankton's destroying the Chum Bucket? Heh, heh, I guess he's finally given up on the restaurant business. Couldn't take the competition. [a bulldozer than drags a giant Coliseum to where the Chum Bucket was] What is that? [a giant monitor appears on top of the Coliseum, and Plankton is on it]
Plankton: Greetings, citizens of Bikini Bottom. Behold my imperial Chum Coliseum! [nobody is excited] I vow to introduce to this fair city, culture, in the form of hand to hand grappling! [still nobody is excited] I intend to enrich your lives culturally, by exhibiting the moist spectacle of gladiators in mortal conflict! [still no one is excited] My corporate underwriters told me to mention that it's free! [everyone is excited, and they run into the coliseum] Come one! Come all! Remember, kids love gladiators.
Debbie: Wow, real-life conflict, for free!
Nathiel: Let the horror show begin! [everyone in the Krusty Krab runs to the coliseum]
Plankton:[laughs evilly] Oh, Karen, even though you're just a frigid machine, your circuits must be welling up with emotion at my latest achievement.
Karen: Oh, yes, my resisters are simply gushing from their copper foil traces.
Plankton: This will prove to be my greatest evil scheme ever!
Karen: That's what you said when you tried to boil Krabs in a giant bisque
Plankton: I can still feel the burns, which is why I removed all molten liquid from this maneuver. And it's why this time, I will be the one with all the customers. And Krabs will be the pathetic one, in an empty restaurant, stuck with a computer for a wife. [Karen shuts down] Uh, sorry, honey.
SpongeBob: Wow, looks like Plankton finally has some customers!
Mr. Krabs: I agree, it's very suspicious. And he may have lured a few of our fair-weather customers in with some cheap entertainment, but our loyal customers, know quality when they taste it! So let's get in there, and serve 'em up a burger they tell their grand-guppies about! [they walk into the Krusty Krab, and it's empty] Where's all my loyal customers?
Squidward: They've all taken their grand-guppies to see the guts and gore across the street.
Mr. Krabs: That lower life form can slender my name, and desecrate me mother's grave,
Mama Krabs: I'm right here!
Mr. Krabs: .....but when he steals me customers, then I push back! Gentlemen, to the coliseum! [cuts to the coliseum where there is a sign that says "GLADIATOR FIGHT 2-DAY!", Mr. Krabs, SpongeBob, and Squidward sit down] This reeks of evil. And i'm going to sniff out the source. [Mr. Krabs sniffs, then Plankton appears]
Plankton: Welcome one and all, to the first bi-annual big arena of annihilation! [everyone cheers]
Plankton: Brought to you by yours truly. So without further ado, let the mauling begin! [everyone cheers again]
Scooter: All right!
SpongeBob: Yay! [Plankton releases a lionfish into the ring, everyone cheers again] Whoo! Isn't this a boat load of fun, Squidward? I can't wait to see the poor sucker who has to go against that beast!
Squidward: You call this fun? This is just cheap uncultured lay sport.
Plankton: Now, release the opponent.
SpongeBob: Yes! [Plankton releases Patrick into the ring, everyone cheers again. SpongeBob is horrified] Patrick? How could they? This is horrible! [cries]
Squidward: This is fabulous! [laughs]
Plankton: Enough dilly-dallying. Send out the blood sausages! [two muscular people put a necklace of sausages on Patrick]
Patrick: All right! [Patrick is about to eat a sausage, then the lionfish growls at him, Plankton laughs]
Plankton: That pink dimwit doesn't stand a chance with those sausages around his throat! As soon as the smell of sausage hits that ravenous lionfish's nostrils, he'll be all over Patrick like mold on a shower curtain!
Sally: Rip his sausages off!
Patrick: Ohh. Nice kitty. [notices sausages. He takes one off] Here, kitty. Want a sausage? A nice, delicious, tasty...... sausage. [takes a bite out of the sausage, the lion snatches it from him, and growls at him] Spawn of a gefilte fish! [runs from the lionfish]
SpongeBob: [Squidward is enjoying the show] I can't sit here and watch this! That's my best friend out there! [SpongeBob jumps into a chariot, dressed in knight attire and goes toward Patrick] Patrick!
SpongeBob: No time for chit chat, get in! [SpongeBob pulls Patrick in the chariot] Hurry up Nelly!
Mama Krabs: Boring! [throws a tomato at the ground] I want to see some body parts!
Mr. Krabs: Mom!
Plankton: This is ridiculous! I order a simple brutal mauling for my denizens, and I get a circus act! Time for phase 2! [cuts to Plankton with a Chum Stick] Chum on a stick! Get your fresh chum right here! Some chum for you miss?
Sadie: Well, all this waiting around for someone to get mauled is making me a bit hungry.
Plankton: Here, take this one. It's fresh and warm, like my hospitality.
Sadie: Why thank you.
Plankton: Just ten dollars please.
Sadie: Ten dollars? Why would I pay ten dollars, when I can go across the street and get a Krabby Patty for one dollar?
Mr. Krabs: Exactly!
Plankton: You don't get this kind of entertainment with a Krabby Patty, do you?
Sadie: No, I suppose not.
Plankton: Ten dollars, or the fight's off!
Sadie: Ah, fine, whatever.
Plankton: Here you are. I'm sure I've made a satisfied customer of you all ready.
[Sadie takes it, eats it and spits it out]
Sadie: That was appalling! What was in that?
Plankton: Oh, just the usual ingredients. Some jellyfish squeezings, whale blubber, sea horse snout, and a sprinkle of anchor rust. [Sadie coughs and gags, then pukes in one of the rows of stadium seating]
Sadie: [her lower lip covered with a lot of spit] Oh barnacles. That's foul! [everyone tries to leave, but Plankton locks all the exits]
Plankton: Now, I've been waiting for 20 years to have the amount of customers Krabs sees everyday! And I won't let that be ruined because the show's "boring", or the food's "inedible." So sit down, enjoy the show and buy some chum! [everyone walks back to their seat with a chum stick, scene cuts to SpongeBob and Patrick]
SpongeBob: What do we do now Patrick?
Patrick: Don't worry, I'm all ready doing it. (Patrick is eating a sausage)
SpongeBob: NO! [slaps the sausage out of his hands] Patrick, now is not the time for eating, now is the time to avoid being eaten by that giant... Huh? [the lion eats the sausage that SpongeBob slapped out of Patrick's hand, then chases them again] That's it Patrick! He's not chasing us, he's chasing those tasty, tender, delicious, succulent sausages around your neck. [SpongeBob throws the sausages off of Patrick]
Plankton: Chum on a stick. Get your chum. [notices sausages] What the? [sausages land on Plankton] Oh great! Now how am I going to entertain the masses? [lion growls at him] Hey watch where you're... [notices the lion, and it growls at him again] Oh dear! [screams, then the lion growls at him, Plankton then runs out of a tiny door] Phew. Good thing I thought ahead, with that escape door. Try and catch me now, you prissy feline! [laughs, then the lion busts a hole, allowing him to get out, Plankton then screams, because he's chasing him] NO! Nice kitty. Want some chum? [he whimpers. cuts to the Krusty Krab, where all the customers are returned again]
Mr. Krabs: You know I'm not one to give out comments likely, I've gotta hand it to you boy, [referring to SpongeBob] if you didn't throw those sausages into the audience, we would have been dead meat!
SpongeBob: My pleasure captain!
Patrick: Yeah, thanks buddy! You really saved my behind! No joke! [shows that there's a hole in his pants, revealing his butt from the fight]
Mr. Krabs: I think that it's safe to say, that no matter how diabolical Plankton's plans may be, he'll never have the loyalty, of me good customers.
Scooter: One Krabby Patty, please.
Mr. Krabs: But of course, my good customer. That'll be ten dollars.
Scooter: Ten dollars? What happened to one dollar?
Mr. Krabs: Ahem, perhaps you'd like to speak to our financial expert. ["financial expert" is the lion that was chasing Plankton, Scooter is scared, and gives Mr. Krabs ten dollars]
Scooter: [muttering] Stupid inflation.
Mr. Krabs: Thanks for your business. [everyone laughs, they then stop and walk away, the lion then growls, and the episode ends]