Billy Blue Cannon plans to earn money for an expensive silver saddle by boxing.

Billy Blue learns Killian and his ranch hands have entered every event in the Fourth of July rodeo to win the saddle, so the High Chaparral wranglers compete trying to help Blue, but they fail. Desperate for funds, Blue works out for five dollars with champion Paddy O'Bannion's opponent, but breaks the man's jaw. Buck convinces Blue he must fight the champ if he hopes to buy the saddle. Blue learns O'Bannion needs the fight money to marry and is torn between mixed reactions.