It's the week before Christmas and Jack drops by Edgar Bergen's house to go over the upcoming show's script with his guest star. When Edgar is detained rehearsing his radio show, his wife Frances entertains Jack. Jack is amazed when Charlie McCarthy and Mortimer Snerd walk into the room and are introduced. Jack always assumed they were merely ventriloquist's dummies. Edgar finally returns and is ready to present his ideas for a sketch to Jack, but insists on Jack sitting on his knee to hear them.

Jack Benny presents a variety hour with a carnival theme that stars Lucille Ball, Johnny Carson, Ben Blue, and Paul Revere and The Raiders. Cameos by The Smothers Brothers (as Joe-Joe, the two-headed boy), George Burns (as Martine, the Bearded Lady), and Dean Martin (as Rip Van Rinkle, the sleeping man). Songs include Lucille Ball singing "It's So Nice To Have a Man Around the House" and "Cleo" (to the tune of "Mame"), "Too Much Talk" and "Him or Me" sung by Paul Revere and The Raiders.