In 1919, the Chicago White Sox have won the American League pennant and are considered among the greatest baseball teams ever assembled; however, the team's stingy owner, Charles Comiskey, gives little inclination to reward his players for a spectacular season.
Gamblers "Sleepy Bill" Burns and Billy Maharg get wind of the players' discontent, asking shady player Chick Gandil to convince a select group of Sox—including star knuckleball pitcher Eddie Cicotte, who led the majors with a 29–7 win–loss record and an earned run average of 1.82—that they could earn more money by playing badly and throwing the series than they could earn by winning the World Series against the Cincinnati Reds. Cicotte was motivated because Comiskey refused him a promised $10,000 should he win 30 games for the season. Cicotte was nearing the milestone when Comiskey ordered team manager Kid Gleason to bench him for two weeks (missing five starts) with the excuse that the 35-year-old veteran's arm needed a rest before the series.
A number of players, including Gandil, Swede Risberg, and Lefty Williams, go along with the scheme. "Shoeless Joe" Jackson, the team's illiterate superstar, is also invited, but is depicted as not bright nor entirely sure of what is going on. Buck Weaver, meanwhile, insists that he is a winner and wants nothing to do with the fix.
When the best-of-nine series begins, Cicotte (pitching in Game 1) deliberately hits Reds leadoff hitter Morrie Rath in the back with his second pitch in a prearranged signal to gangster Arnold Rothstein that the fix was on. Cicotte then pitches poorly and gives up five runs in four innings—four of them in the fourth, highlighted by a triple from Reds pitcher Walter "Dutch" Ruether. He is then relieved by Gleason, though the Sox lose the first game, 9–1. Williams also pitched poorly in Game 2, while Gandil, Risberg and Hap Felsch made glaring mistakes on the field. Several of the players become upset, however, when the various gamblers involved fail to pay their promised money up front.
Chicago journalists Ring Lardner and Hugh Fullerton grow increasingly suspicious, while Gleason continues to hear rumors of a fix, but he remains confident that his boys will come through in the end.
A third pitcher not in on the scam, rookie Dickie Kerr, wins Game 3 for the Sox, making both gamblers and teammates uncomfortable. Other teammates such as catcher Ray Schalk and second baseman Eddie Collins continue to play hard, while Weaver and Jackson show no visible signs of taking a dive with Weaver continuing to deny participation in the fix. Cicotte loses, again, in Game 4 and the Sox lose Game 5, as well, putting them one loss away from losing the series. With the championship now in jeopardy, the Sox manage to win Game 6 in extra innings. Gleason intends to bench Cicotte from his next start, but Cicotte, feeling guilty over throwing his previous games, begs for another chance. The manager reluctantly agrees and is given an easy Game 7 win. Unpaid by the gamblers, Williams also intends to win, but when his wife's life is threatened, he purposely pitches so badly that he is quickly relieved by "Big Bill" James in the first inning. Jackson hits a home run off Reds pitcher Hod Eller in the third inning, but the team still loses the final game.
Cincinnati wins the Series (five games to three). Fullerton writes an article condemning the White Sox. An investigation begins into the possible fixing of the Series. In 1920, Cicotte and Jackson sign confessions admitting to the fix (though the illiterate Jackson is implied as having been coerced into making his confession). As a result of the revelations, Cicotte, Williams, Gandil, Felsch, Risberg, McMullin, Jackson, and Weaver are charged with conspiracy. The eight men are acquitted of any wrongdoing. However, newly appointed commissioner Kenesaw Mountain Landis bans the eight men for life because they either intentionally lost games or (as Weaver did) knew about the fix and didn't report it to team officials.
In 1925, Weaver watches Jackson play a semi-pro game in New Jersey under the assumed name "Brown". Hearing other fans suspecting his true identity, Weaver tells them that Jackson was the best player he ever saw. When asked point-blank if the player is indeed Jackson, Weaver denies it, protecting his former teammate by telling the fans "those guys are gone now", solemnly reminiscing on the 1919 World Series. A title card reveals that the eight players banned from the scandal never returned to the majors. Weaver unsuccessfully attempted to have his ban overturned on several occasions until his death in 1956.
