One night after a game, Calvin Cambridge (Lil' Bow Wow) meets the team's coach who is impressed by Calvin's knowledge of basketball and honesty about the chocolates he sells, and offers Calvin tickets for the next game. Calvin obtains a pair of old shoes (from a Salvation Army Thrift Store) that had reportedly been used by a great basketball player of the past. The shoes have the initials MJ written, so naturally, Calvin thinks they used to belong to Michael Jordan.
Calvin's shoes are taken by an orphanage bully named Ox who throws them onto an overhead power line. Calvin tries to retrieve them that night in a rainstorm so he can get them while Ox is not around and gets shocked by a lightning bolt. Between the shoes and the electric shock, he acquires NBA superstar level basketball talent.
Calvin and his friends then attend the basketball game between the Knights and the Minnesota Timberwolves that they had tickets for, and Calvin's ticket number is chosen at a half time contest where the winner would face the Knights star player, Tracy Reynolds (Morris Chestnut) one on one. After he makes three impressive scores on Reynolds, including a dunk after bouncing the ball off the backboard, Calvin is signed to a one day contract by the Knights. He comes into that game in the fourth quarter and leads a comeback against the San Antonio Spurs in which Calvin dunked on Spurs future Hall of Fame center David Robinson and scored 27 points. That gave the Knights an unexpected win, which leads to him getting a season contract. Calvin brought teamwork to the struggling Knights and made them one of the best teams in the league.
Calvin's life then follows a path of experiencing luxury for the first time while on the road and going back to his orphanage home when the team isn't traveling. He gets to see hotels and places he never imagined could exist, and he is assigned to be the roommate to Reynolds while on the road. Calvin then starts taking all the headlines and becoming the talk all around the sports media and the NBA.
While this is all happening, Calvin begins to figure out that all he wants is really a father, and he starts looking at Reynolds in a fatherly way. They slowly begin to develop a father and son relationship, although their relationship is sometimes challenged by the daily situations that a thirteen-year-old boy without a father and a single man with no kids might have to face and Reynolds' attitude toward the young player. Although in a win over the Seattle SuperSonics, the Sonics star point guard Gary Payton while guarding Cambridge, tackled Calvin and said to Cambridge "Now you know what it feels like to be in The Glove's hands", and Calvin responded to him by saying it feels more like a mitten and Payton and Cambridge got into an argument as Payton got hit with a technical foul after shoving Cambridge and Reynolds was the one protecting Calvin the most as the two were being separated.
Meanwhile, back home, Calvin's greedy orphanage director signs a contract with the team that says that all of Calvin's money will go to him instead until he's eighteen, or adopted. When the second option is about to become true, the director decides to steal Calvin's shoes and bet US$100,000.00 against the Knights.
After negotiating with Ox the bully and his friends about how selfish the director really is, Calvin is able to subdue the orphanage director and retrieve his shoes by Ox opening Bittleman's safe which was where he kept the shoes and Ox gave them back to Calvin. However the director manages to send several goons after Calvin in a failed attempt to steal the shoes. Calvin makes it to the arena with the shoes after the 3rd quarter ended with the Toronto Raptors routing the Knights 80-59.
Calvin is reluctantly put into the game by the coach and the Knights start to make a comeback after Tracy told the coach that the team wouldn't have been fighting for a playoff spot if it weren't for him and his teammates agreed that if the Knights will have any chance of making a comeback, they will need Calvin. However after a pile-on towards the end of the game, Calvin's shoes are ruined with the Knights down by one point. Calvin was unable to do what he used to do as he tried the shake-and-bake on Vince Carter and had it stripped although Cambridge got it back. Then Carter blocked Cambridge's shot and it went out to Tracy who got it and passed it back to Calvin. Tracy was telling Calvin he can do it after finding out it was really Calvin's sneakers that made him play so well, but Calvin said he can't do it. Than, Calvin fakes out Vince Carter who jumped over Cambridge and Cambridge helped the Knights make the playoffs for the first time in their franchise history after getting the assist on Reynolds' game winning shot, but upon finding out about the contract, he decides to retire and announces that the last game of the regular season will be his last game. After winning their last season game, Calvin then retires.
However, after going back to his orphanage, he and Murph (Lipnicki) get adopted by Tracy, and Reg (Song) to a different family. It's also revealed that the orphanage director is missing because he doesn't have enough money to pay the bet (possibly could have died) and the orphanage is now under care of the Knights.