The Great Pumpkin puts a bounty on Charlie Brown's head, prompting the entire Peanuts cast to try and bump him off. Lucy tries to get Charlie Brown to kick a bomb disguised as a football, Schroeder dumps his (full-sized, not toy) piano on Charlie Brown's head, Snoopy bites off his hand (which gushes blood), the Kite Eating Tree falls on him, and Linus strangles him with his blanket.
Finally tired of running, Charlie Brown dons a mohawk and arms himself with a shotgun, submachine gun, and M16. He also adopts a thick Germanic accent, reminiscent of Arnold Schwarzenegger, and systematically kills off the entire Peanuts cast one by one. The film then goes on a strange montage in which Charlie Brown guns down scores of Mexican bandidos, a Wehrmacht machine gun nest behind which Adolf Hitler is painting a picture, and a fitness instructor (presumably Richard Simmons). This is followed by two biplanes colliding midair, Dagwood Bumstead getting kicked in the groin by his wife, Mickey Mouse getting hit over the head by a lead pipe, Rocky Balboa getting punched in the face by Popeye, and Godzilla squeezing Dr Pepper out of a giant soda can. It ends with Charlie Brown in bed with the Little Red-Haired Girl (who, fittingly, is not fully seen), turning out the light.
"The creator of this picture wishes to state that he does not in any way wish to tarnish or demean the beloved characters of Charles M. "Dutch" Schulz's comic strip, "Peanuts". No malice or damage to their goodwill was intended. So please don't sue me, because it will drag through the courts for years, and I haven't got a lawyer - and besides, you've already got half the money in the world, and I haven't got any. OK?"
The references to Peckinpah are made even more clear at the end of the film when Reardon dedicates it to Sam "the man" Peckinpah.
There are some non-Peckinpah references made in the short, such as Charlie Brown's mohawk, a reference to Travis Bickle in Taxi Driver. Reardon also identifies Peanuts creator Charles M. Schulz as "Charles M. 'Dutch' Schulz", as in mobster Dutch Schultz.
Godzilla squeezing the giant Dr Pepper can is a reference to the then-recent Dr. Pepper ad campaign featuring Godzilla.