Krusty's extravagant lifestyle is eating into his profits. Along with this, he owes money to the mob. His accountant informs him that he will be bankrupt in a month, and suggests opening up a clown college to train people to act as him for various events and functions.
A billboard of the new clown college catches Homer's eye, but he immediately dismisses it. Unable to get the images of clowns out of his head, resulting in a hallucination, he decides to enroll. After graduating, Homer shows up for various Krusty events, but soon tires of the prat falls and punchlines. Homer then finds that his similarity to Krusty allows people to assume he is the real clown, and ends up getting free stuff and kickbacks.
Meanwhile, Fat Tony demands Krusty pay them his debt, but Krusty goes to the bathroom and escapes. Tony, Legs and Louie see Homer attempting to purchase a vehicle, and try to shoot him but miss and end up shooting the car. They then go away to get more bullets. Later they see Homer at his house making holes in his car due to what the car salesman said earlier. Legs tries to shoot him but ends up shooting Ned Flanders twice but he was protected by his Bible and a piece of the cross he wore around his neck so they then kidnap Homer. On the way to the mobsters hide out, Homer protests he isn't Krusty and claims to be four other people (himself, Barney, Joe Valachi and Benedict Arnold), but unfortunately the mobsters have hit's on each of these men for various reasons.
Back at their place, Homer is forced to perform a trick or else be murdered. Homer fails and is about to be shot when the real Krusty shows up, and he is in trouble. Krusty and Homer are for forced to perform the same trick together.
They manage to do it, and thanks to some other stunts thrown into the act are a success. Homer is freed and Krusty is told he will no longer be killed. He still owes the mobsters their money, however, which is revealed to be a measly $48.00. He pays Don Vittorio DiMaggio $50.00 and gets $2 change.
Krusty the Clown Show Characters, Locations and Key Episodes