Bob worries he's depriving his children of their summer vacation by making them work at the restaurant, so he fires them. However, the kids become so bored with their newfound freedom that they secretly get hired by a pair of married hippie farmers, who hire the Belcher kids as "weed pickers." Meanwhile, Bob hires Mickey the bank robber to help out at the restaurant, but soon regrets his decision.
In an homage to Jaws, Bob's landlord and pier proprietor Mr. Fischoeder buys a mechanical shark as a pier attraction, but when it turns wild and starts terrorizing the town, it's up to Bob and the family to stop it.
Bob scores a temporary gig as a cook at an "underdog" frat house and discovers that he fits right in! Hijinks ensue as Bob and the rest of the fraternity brothers find themselves in the middle of a collegiate prank war that involves the house's most famous alumnus, Dr. Yap. Meanwhile, the kids are on a mission to invade the frat house and get in on the action.