The episode begins at the Krusty Krab, where the Krusty Crew are celebrating the annual Krabby Patty eating contest. SpongeBob asks why Mr. Krabs is so overjoyed, and Mr. Krabs explains that this is the time of the year where he gets the most money due to him being the supplier of the Krabby Patties, then a news flash appears on the television. An unbeatable challenger named Oswald McNulty has won every Krabby Patty eating contest, and beaten every single city champion except Bikini Bottom. Things take an even darker turn because the Bikini Bottom champion has retired.
Mr. Krabs is devastated by the news, and believes he isn't going to get any revenue until he sees Patrick, who comes in to order 47 Krabby Patties as a light lunch. Mr. Krabs then proposes that Patrick becomes the next Krabby Patty eating champion, and Patrick agrees. Mr. Krabs then begins Patrick's training by making him eat Krabby Patties, while training he sees a young boy with a broken foot with his father, the father's son asks Patrick a question, Patrick answers.
The contest is about to start, the crowd is outside of the Krusty Krab and two guards carry Oswald, who is sitting on a chair being lifted by the guards, then the crowd starts booing, including the boy with a broken foot and his father.
The contest is shortly going to start, and when SpongeBob asks the competitors if they are ready, Patrick says he does not want to do it. SpongeBob says "Well then don't do it, I'm sure Mr. Krabs will understand." then Mr. Krabs hears this. He then gives Patrick a bill, listing the Krabby patties Patrick ate for training. He says that they have just become plain eating patties, and Mr. Krabs says if he does the contest he will not have to pay the bill, then Mr. Krabs points to the crowd cheering for Patrick and the boy with a broken foot is in the crowd, saying his foot hurts Patrick then says that he'll do it, for the boy with a broken foot, and then Mr. Krabs tears up the bill.
The contest begins, and Oswald is eating the patties already, but Patrick is struggling and is barely eating any of the patties. Patrick looks at the crowd, seeing the boy with the broken foot cheering Patrick on. Patrick becomes encouraged by that, and then eats a whole entire plate of patties. Oswald starts eating faster, both of them start eating faster, all until they have one last patty to consume to win, but both stop. Oswald falls from his chair. Patrick tells SpongeBob he cannot continue, but SpongeBob reminds Patrick of the taste, then Patrick gets encouraged to eat the last Krabby Patty to win. Patrick then points to the boy with a broken foot, and the boy gives Patrick the last patty. Patrick eats the patty, then wins the contest.
Patrick is handed the belt, and puts it on, Perch Perkins asks Patrick is he's going to enter the contest next year again, Patrick says no, and says the belt does not even fit, the belt flies out when Patrick puts it on, then it hits the boy with the broken foot of screen, then the episode ends.
On May 29, 2015, Sherm Cohen released two storyboard images from this episode. It should be noted that at the time of their release, it was unknown which episode they belonged to.
On October 2, Adam Paloian released a storyboard image from this episode.
In the storyboard version, in the scene where Patrick is starting training, when the scene enters Patrick's mouth to show his taste buds, it shows his mouth and then the taste buds. In the final version, it shows Patrick's tongue instead of his mouth.
Rocky series - There are a few references to this series. Some include SpongeBob's training hat and the music that plays when Patrick is going around town.
The Great Starbino is a reference to Babe Ruth's nickname, The Great Bambino.
When Perch says Patrick is pointing to Center Field, it a reference to when Babe Ruth called his shot in the fifth inning of game 3 world series in 1932.
When Perch says "And down goes McNulty, down goes McNulty". Is a reference to Down Goes Frazier call by Howard Cosell in The Sunshine Showdown", which was a professional boxing match in Jamaica contested on January 22, 1973 between Joe Frazier and George Foreman
In the Polish dub, SpongeBob's line "Mr. Krabs really loves Founders Day!" is translated to "Mr. Squidward really loves Founders Day!"