Ed is bored and is making a nuisance of himself while Wilbur is trying to work. Then Addison comes in and tells Wilbur that he has just leased (at a substantial profit) his twelve acres down at the railroad track to Armstrong's circus. He invites Wilbur and Carol to the opening night. While getting ready, Carol remarks that she is glad Wilbur has no regrets about turning down Addison's offer to buy that property.
Ed is annoyed because Wilbur cannot take him as well. When Ed hints that he will sneak off to the circus, Wilbur chains him up. But Ed has hidden the original key, the one that was supposedly lost, in his stall and frees himself. Soon he is taking a sneaky view of all the acts, along with several other people. Among the acts he watches is the horse Sir Galahad leaping through a ring of fire.
After the circus Ed is back in his stall with the chain on his leg. But he made one mistake - he put the chain back on the wrong leg. When Wilbur notices this, he suspects what Ed has done. His suspicions are confirmed when he finds a circus program in Ed's feed bag.
Meanwhile, Addison is counting up his profits and Ed decides to sneak over and find out how much money Addison made. Wilbur and Carol are also there on a breakfast invitation, and Addison is determined to rub it into Wilbur for not buying the property and missing out on the profits. But the profits threaten to take a dive when Armstrong phones to say that Sir Galahad is ill and they have no substitute for his act. Then Armstrong phones again to say they have found a replacement and all seems well again - until Wilbur finds out that Ed is the replacement. Ed volunteered himself because he wants to join the circus. When Wilbur sees how determined Ed is, he decides to let Ed have his way, and even dyes Ed's coat to match Galahad's.
Addison finds out that Ed is Galahad's replacement, and he is shocked; he knows Ed can never make the jump. Things get worse when Wilbur tells Armstrong that he will not accept money, only Galahad, because he is used to having a horse around the place. Armstrong agrees to the deal, but only if Ed can make the jump. Ed goes to make the jump, but Wilbur stops him because he did not want to lose Ed. Ed composes a poem in gratitude.