Beavis and Butt-head haven't been attending school for three weeks and Mr. Van Driessen is concerned. Despite his reservations and unwillingness to deal with the two, Principal McVicker decides to have his secretary call their house and figure out why they haven't been in school.
When we see Beavis and Butt-head for the first time it becomes clear why they haven't been in school- they've been watching TV for the last three weeks and can't seem to find anything good to watch. While flipping through the channels Beavis hears the phone ringing and Butt-head tells him to make it stop. Beavis answers to find Principal McVicker's secretary on the line, and when she asks where he and Butt-head have been Beavis responds with "Uh, heh, yeah they're dead." He then resumes his television watching with Butt-head, as they still can't find anything to watch.
Van Driessen and McVicker receive the news from his secretary and react differently to the "tragedy"- Van Driessen is shocked and upset and tries to break the news to his gently, but McVicker- who had been tortured for years by Beavis and Butt-Head- is overjoyed and tells the entire school over the loudspeaker, then announces a party in the teachers' conference room to celebrate their demise.
Van Driessen tries futilely to have somebody in relay any memories they may have of Beavis and Butt-head but the only one who is willing to talk is Daria- and, considering the relationship she had with the two of them, she doesn't speak too highly of Beavis or Butt-head as her story is told in flashbacks. Later, at the party, Van Driessen tries to remind everyone that they should have respect for the dead. However, he is angrily shouted down by Coach Buzzcut, who recounts his own disdainful memories of Beavis and Butt-head and remarks that he hopes they died slowly and painfully and that he would've killed them himself if he had the chance.
An idea that Van Driessen has- to start a memorial collection in their names- is enthusiastically accepted by McVicker, but not for the reason Van Driessen had hoped. Van Driessen wanted to start a scholarship fund, but McVicker said that Beavis and Butt-head owed the school for all the damage they caused over the years.
Meanwhile, back at home, Beavis and Butt-head finally find something good to watch on TV- a news report of their own death. However, they aren't aware that they are the ones being referred to as dead and eventually decide that they need to get up and go to school to see the dead bodies everyone is talking about.
They come just in time to see Principal McVicker giving an interview to the local news station about the memorial fund in their names. McVicker BS's his way through the interview and ends by saying that he would gladly give up all the money in the glass jar he is holding just to see Beavis and Butt-head one more time. "Okay, McDicker, give us the money," Butt-head responds to the shock of the principal, and the two engage in a tug-of-war over the jar. While doing so he has his own series of horrible flashbacks of Beavis and Butt-head, which cause him to have a massive heart attack and collapse in front of the cameras. Everyone gathers around his body while Buzzcut tries to save McVicker, while Beavis and Butt-head walk away.
The episode and series end with Beavis and Butt-head laughing over what happened to Principal McVicker and Beavis wondering whether or not they should go back to school the next day, in case someone else dies. As they walk into the sunset with the jar full of change, Butt-head remarks, "We're rich. We don't have to go to school again for the rest of our lives." Beavis replies, "Yep. That's pretty damn cool."