By 2017, the global economy has collapsed and U.S. society has become a totalitarian police state, censoring all cultural activity. The government pacifies the populace by broadcasting a number of game shows in which convicted criminals fight for their lives, including the gladiator-style The Running Man, hosted by the ruthless Damon Killian, where “runners” attempt to evade “stalkers” and certain death for a chance to be pardoned and set free.

Self-made millionaire Thornton Melon decides to get a better education and enrolls at his son Jason's college. While Jason tries to fit in with his fellow students, Thornton struggles to gain his son's respect, giving way to hilarious antics.