Four pals are stuck in a rut in adulthood: Adam has just been dumped, Lou is a hopeless party animal, Nick is a henpecked husband, and Jacob does nothing but play video games in his basement. But they get a chance to brighten their future by changing their past after a night of heavy drinking in a ski-resort hot tub results in their waking up in 1986.

A high school slacker who's rejected by every school he applies to opts to create his own institution of higher learning, the South Harmon Institute of Technology, on a rundown piece of property near his hometown.