The still unknown Kevin Costner carries this film that involves five college roommates on a last "fandango" before they separately face the harsh realities of an unpredictable future. It is 1971, and the Vietnam War has not yet ended. Gardner Barnes (Costner) has extended his college years by six semesters in an attempt to stave off the rapidly approaching future, Kenneth (Sam Robards) has just canceled his wedding in a drunken look at reality, Lester (Brian Cesak) loves alcohol and tags along with the group just to have a good time, Dorman (Chuck Bush) is devoted to existentialism and flights of poetic fancy, and Phil (Judd Nelson) is barely a member of the group because he is consorting with the enemy: he is a member of ROTC. This unlikely mismatch cavorts through several classic college pranks, among them taking bets on daredevil acts like skydiving into the middle of nowhere. As their high jinks continue, it becomes apparent that their real desire is not to live a wild life for its own sake, but to postpone the moment when they will have to leave school and its lifestyle behind them.