An aging veteran producer in desperate need of a hit in order to re-enter the Hollywood club has his idea stolen by a brash young executive.Sonny Wexler's last chance for glory is the script optioned from a hungry young writer. When the writer tells Sonny that he has made a deal with a hot young studio executive, Damon Black, cutting the older man out, Sonny is enraged. He vows to exercise his option before it expires in 72 hours, but struggles to come up with the $50,000 to purchase the script and wrest control from Black.
In desperation, Sonny approaches an loan shark and becomes entangled in a dangerous web of intrigue involving an ex-cop turned gun-for-hire, who agrees to burn down Sonny's daughter's restaurant. In return, her husband will collect on the insurance money and help Sonny repay the loan shark to buy the script. As the plan becomes more complicated, Sonny begins to realize the depths he has gone to for an ephemeral dream.
In a tense showdown, Sonny manages to get the money from the loan shark without having to burn down the restaurant. He thrusts the $50,000 in cash at Black, completing his option on the script. His triumph is short-lived, however, as Black reveals Sonny is a minute too late. Syd Wolf, enraged at being thrown out of the studio after 25 years, shoots Black. Sonny prevents Syd from killing the corrupt young executive, but Sonny finally recognizes he is not like Syd; he is ready for life after Hollywood.