Krusty's massive gambling debts and extravagant personal life land him in deep trouble with the Springfield Mafia and only a month away from bankruptcy. To make money, he launches a training college for clowns. Homer sees an advertisement about the college and at first says that it had no effect on him, but then becomes obsessed with it, eventually announcing to his startled family that he is going to enroll. After graduating, he impersonates Krusty at private and public events that the real Krusty deems unworthy of his personal appearance.
At first, the stress of impersonating Krusty makes Homer consider quitting. However, he discovers that he receives all sorts of benefits from authority figures and businesses that mistake him for Krusty due to their uncanny resemblance. The impersonation goes too far when Homer is kidnapped by the mafia, who mistake him for the real clown that owes them money. Meanwhile, Krusty has gone into hiding to receive plastic surgery to avoid the mob. However, the surgeon doesnt change his face, and instead just gives him some minor age reversal procedures, and for some reason gives him breast implants. Krusty decides to confront his problems head on rather than try to flee from them, and goes off to track down the mobsters. Mob boss Don Vittorio DiMaggio tells Homer he will kill him unless he performs a loop-de-loop on a tiny bicycle, the only trick Homer never learned to do. He fails, but the real Krusty arrives and the confused Don instead forces them to perform the trick together. The trick is a success and their lives are spared, but Krusty still has to pay off his debt to the mob — a total of $48. Krusty pays them with a $50 bill, and gets his change back.