The plot follows Walter, the world’s most devoted Muppet fan, who lives in Smalltown with his human brother, Gary. While Gary prepares for a long-anticipated anniversary trip to Los Angeles with his girlfriend, Mary, Walter joins them as a surprise third wheel, specifically to visit the historic Muppet Studios. Upon arrival, the trio discovers that the once-glorious studio has fallen into severe disrepair. Worse yet, Walter overhears a nefarious plot by ruthless oil tycoon Tex Richman, who plans to demolish the studio to drill for oil unless the Muppets can raise ten million dollars within a short deadline.Distraught, Walter tracks down Kermit the Frog, who now lives in reclusive seclusion. Kermit is initially skeptical and heartbroken over the dissolution of his old family. However, upon learning of the theater's impending doom, he rallies to the cause. Kermit, Walter, Mary, and Gary embark on a frantic quest to reunite the estranged Muppet troupe. They travel across the globe to recruit the scattered performers: Fozzie Bear, who is fronting a cynical tribute band called the Moopets; Miss Piggy, now a high-powered plus-size fashion editor in Paris; Animal, currently undergoing court-mandated
anger management therapy; and Gonzo, now a successful plumbing fixture magnate.Despite initial hesitation, old bonds are rekindled, and the troupe reconvenes to stage a massive, nostalgic telethon to raise the necessary funds. The journey is fraught with emotional and logistical hurdles. Mary questions her relationship with Gary, who is perpetually distracted by Walter's obsession, leading to a temporary emotional rift. Meanwhile, Tex Richman actively sabotages the production by disabling the network's power and hiring assassins to eliminate the frog.On the night of the
live broadcast, the telethon faces catastrophic technical failures and low initial viewership. However, fueled by sheer passion, improvisation, and the unstoppable comedic timing of the reunited cast, the show gains viral momentum. Viewers across the country tune in by the millions, flooding phone lines with donations. In the final dramatic moments, despite Richman’s last-ditch efforts to legally block the final donation, the clock strikes midnight. Gary finally steps up to support Walter, and the community rallies to secure the exact funds needed just in the nick of time. Tex Richman’s oil scheme is thwarted, the studio is officially saved, and Walter discovers his own unique talent, taking center stage with the troupe he idolized, proving that the magic of the Muppets is alive and well.