Jackie Moon (Will Ferrell) uses the profits from his only hit single to fulfill a longtime dream of owning a basketball team. His team languishes in last place, with few fans in the seats. Jackie dreams of a merger with the NBA. A tough-minded point guard named Monix is at the end of his career; he's played on the champion Celtics but accepts a trade to Flint to be close to Lynn, the love of his life. Clarence "Coffee" Brown dreams of stardom: he's the Tropics' best player, but he's a hotdog who doesn't value teamwork. When the trio learns that a merger is in the works that won't include the Tropics, they pull the team together to try to achieve the impossible.
The movie was pretty sports-comedy formulaic, with the down-and-out lovable losers getting a big chance, then introducing a new character who will inspire them, and a few montages later, the big finale. The R-rating was used mainly on adding in lots of cuss-words, with mixed humorous results. There was a really funny joke about masturbation. I was hoping for a little more basketball craziness, but oh well.
The highlight, of course, was Will Ferrel meeting the 70s. I myself was not alive in the 70s, so I only know about the culture through the disco-funk lens of caricature cinema. Ferrel is one funky mofo so he thrives. I would say this was one of his better efforts, topping Taladega nights, Elf, and the ice skating one. It's not as good as Anchorman, mainly because it's just not as quotable.
In short, if you like Will Ferrel, or 70s funk, see this movie.