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He dreams of a overconfident and loved version of himself who acts professional.
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Spongebob overreacts and finds out he didn't actually get the job. Mr. Krabs explains that it's because he's a kid.
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His Plan Z is to steal the secret Krabby Patty formula, then use his side bucket hat campaign to enslave all of Bikini Bottom.
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Spongebob and Patrick are given a magic bag of winds from Mindy to head back home after they get the crown and begin their journey in the patty wagon, but get their kart stolen by a thief. Meanwhile Plankton hires an assassin to kill Spongebob and Patrick
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While in the bathroom thinking of a strategy, they get distracted and blow a bunch of bubbles. The bar owner blast the Goofy Goober Theme Song to see who blew the bubbles but the pair are saved by a pair of Siamese Twins to break before them. On the way out Patrick snatches the key and they ride off for the day.
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Meanwhile, Plankton activates the mind-controlling buckets and turns Bikini Bottom into the enslaved Planktopolis.
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She performs a magic trick using her "mermaid magic" and put pieces of seaweed on Spongebob's and Patrick's lip telling them they now have mustaches and are now men. The pair, filled with new confidence, jump into the trench blindly and make it out the other side befriending the monsters. However, they are stopped by the assassin, who is then promptly squished by what Spongebob and Patrick think to be a cyclops, where they are then kidnapped.
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However, their tears short circuit the lamp their boiling under, causing smoke to be released which activates the sprinklers. This brings not only Spongebob and Patrick back to life, but all the fish in the store which promptly gang up on and beat up the Cyclops, allowing Spongebob and Patrick to escape to the beach with the crown.
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That's when they discover David Hasselhoff ready to take a swim. He offers them a ride back home and begin to swim back to Bikini Bottom, however the Cyclops Shoe chases after them, carrying the Assassin. Spongebob and Patrick run before David passes under a boat, hitting the Assassin off of them.
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Using his pecs, David launches Spongebob and Patrick straight into the Krusty Krab 2, right before Neptune executes Mr. Krabs, but it doesn't matter. Plankton latches a Bucket onto Neptune and begins commanding him to execute not only Mr. Krabs, but Patrick and Spongebob too.
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When Plankton commands his slaves to attack Spongebob, he flies up into the air and begins a guitar solo, charging up the end of the electric guitar which then begins firing a laser, destroying the mind-control helmets and freeing Bikini Bottom from the control of Plankton.
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