When Peter appears at Career Day for Chris's class, the kids are not impressed with his menial job at the Happy-Go-Lucky Toy Factory; even nerdy pharmacist Mort Goldman receives a better response. Peter worries that he is stuck at a dead-end job within the company, so Lois encourages him to invite his boss, Mr. Weed, to dinner. When Mr. Weed mentions that he will promote Peter to head of toy development, Brian begins choking on a dinner roll. When Peter and Lois try to use the Heimlich Maneuver, the roll flies out of Brian's mouth and into Mr. Weed's, killing him.
At Mr. Weed's funeral, Peter attempts to convince his co-workers of Mr. Weed's promise to promote him. Mr. Weed's videotaped will, however, reveals that immediately after his death the Happy-Go-Lucky Toy Factory is to be demolished to make way for the Happy-Go-Lucky Terminal Disease Institute. The building is immediately razed and all workers are laid-off.
Peter has trouble finding a new career, and even tries to become a cheap hooker. Lois reminds him of his long-standing dream of becoming a Renaissance fair jouster. Peter remembers how he had a bad acid trip as a teenager- he jumped from a roof of the Renaissance fair while attempting to fly and was saved by a Black Knight (Will Ferrell). Peter enrolls in jousting training with Mort, displaying enthusiasm but little patience for speaking in "ye"s and "thou"s. When the Knight's girlfriend flirts with Peter, he bullies him into leaving the fair. Peter remains inconsolable despite his family's encouragement but decides to watch the joust from the stands.
The Black Knight defeats all challengers, inspiring Mort to flee in terror before their horses near each other. The Knight notices Peter in the stands and begins berating him. Determined to defeat the Knight, Peter challenges him. The Knight is distracted by an announcement that his Hyundai is being towed (by a vengeful Mort), enabling Peter to unhorse him and win the competition. Peter refuses an offer to join the Renaissance Fair as their new champion jouster and the family leaves for home. They note that Peter still has no job and Lois says the situation reminds her of the episode of The Honeymooners in which Ralph lost his job and did not get it back by the end of the episode.