The episode starts with the narrator talking about a tragedy, and showing an over-water hurricane, and then showing footage of the 1940 collapse of Tacoma Narrows Bridge (Galloping Gertie), with a guy running from the bridge before its collapse. After that, it goes to a rainy day at SpongeBob's pineapple where inside is SpongeBob with the calendar on January 10. The narrator said that the tragedy happened three days ago; it then flips the calendar back to January 7. SpongeBob is seen doing chores, including laundry, with his pants and Gary's shell. Then, Patrick calls SpongeBob to show that he can make funny sounds with his tongue for a very long time; SpongeBob asks Patrick if it can wait, but Patrick refuses, so he continues on.
Meanwhile, Gary gets his shell out of the laundry. By the time SpongeBob gets to the laundry machine, his pants had shrunk. He goes to the store to buy new ones, but Patty Rechid declares that there will not be any SquarePants for months. He then looks through the pants, he tries many pairs but was not interested, he then finds the pants he usually wears, except they are round, not square.
While walking with his round pants, SpongeBob bumps into Patrick, but Patrick does not recognize him. He bumps into Sandy, who pretends that she does not know SpongeBob saying that they must call him SpongeBob FancyPants. Then, SpongeBob passes Squidward's house, and Squidward pretends not to recognize SpongeBob in order to get him to leave him alone. Being gullible, SpongeBob really thinks that Patrick, Sandy, and Squidward do not know him, so he starts making himself over, naming himself, SpongeBob RoundPants.
SpongeBob gets his job at the Krusty Krab again, and looks to Squidward for pointers. Squidward gives SpongeBob his bad routine of being a Krusty Krab employee (including not throwing the trash in the dumpster, being rude to the customers, nasally laughing like Squidward, burning Krabby Patties, taking too long in the bathroom, and even sleeping on the job). Mr. Krabs realizes what is going on, and he does not joke around when he sees SpongeBob. SpongeBob then tells Mr. Krabs that he cannot be SpongeBob SquarePants again, as he has round pants. Mr. Krabs then suggests that he just remove them if that was the case. Then, SpongeBob takes off his pants, but Sandy calls him "SpongeBob UnderPants," and the episode ends with SpongeBob looking at his underwear and screaming with embarrassment.
When SpongeBob takes out the first pair of pants when he was in the store but a little bit when Mr. Krabs walks out is office, look at the guy in front of the order line or something, look at the pants. It's the same as the one SpongeBob took out in the store.
When this episode premiered on July 17, 2009 the calendar says that it happened on January 7. This must mean that this episode took place in January 7, 2009 instead of July.
It is unknown why Patrick thought SpongeBob was a stranger throughout the episode, possibly due to his low level of intelligence, that is considered why. Sandy also did not know who SpongeBob was, meaning she was possibly teasing him as she kept calling him a different last name (i.e. SpongeBob UnderPants). Squidward does not like SpongeBob, so that is why he lied.
When SpongeBob was saying what goes on a squirrel's head is similar to "Squirrel Jokes."
When SpongeBob talked about what goes on inside a squirrel's head, an image of a chattering squirrel is shown and SpongeBob cringes afterwards. This scene has become a fad on YouTube, with random scenes replacing the squirrel image.
In this episode, the French Narrator says "SpongeBob SquarePants CHANGED his pants!" like it was a surprise, but SpongeBob has changed his pants a lot of times when he woke up. He is even shown in this episode pulling multiple pairs of pants out of his washing machine.
While SpongeBob acts like Squidward, he sleeps in the toilets with Squidward, roughly serve food to customers, throw and bash garbage bags, will not take the customers' orders and cooking Krabby Patties to the charcoal and tiny level. Eventually, the customers became furious.
The picture shown by SpongeBob when he forgot where the last picture took place actually took place in the episode "Choir Boys" when Squidward was singing in the shower at the very beginning of the episode. However, we did not see SpongeBob in front of the shower in "Choir Boys" for some odd reason.
The title is a parody of the famous Shakespeare quote "To Be or Not to Be?"
This episode was inspired by the Twilight Zone episodes.
After SpongeBob says, "I'll have to start all over again!," he just fills out an application and got the job. In the pilot episode "Help Wanted," however, he did not ask for an application. He has to complete a challenge first.
The women at the mall says that it will take months for SpongeBob to get new square pants, however 3 days later (at the beginning of the episode's narration), he is wearing square pants again.