PRINCIPAL TAKES A HOLIDAY is the story of notorious teen prankster John Scaduto (Zachary Ty Bryan) who is about to enter his senior year. Warned by his parents that a single demerit will cause him to lose a $10,000 inheritance left to him by his grandmother, John races to school to defuse a prank about to take place -- covering the principal with red dye -- but is distracted by new student Peter Heath (Rashaan H. Nall). With yet another demerit point added to his record, John claims that Peter was in on the prank. Now the two must pull together to delete the newly earned demerit points from each of their records. When the principal is mistakenly hospitalized as a contagious patient due to the dye on his skin, John sees an opportunity. After intercepting a fax regarding the principal's temporary replacement, John and Peter set out to replace him with their own candidate who will provide them with the computer access to their records that they so desperately need. The laughs begin when an anti-establishment drifter named Franklin Fitz (Kevin Nealon) puts the boys' plan into hilarious action.