Timmy becomes suspicious of a rich boy named Remy when he notices that he can be better than him in many situations, even having the ability to be in the Crimson Chin Comic Book. Timmy eventually learns that Remy has a fairy godparent who also turns out to be Wanda's ex-boyfriend, Juandissimo Magnifico. Upon Remy discovering Timmy has fairies, he becomes jealous of Timmy having two fairies compared to his one, along with parents who love him. To this, Remy challenges Timmy to a Magical Duel, where the loser loses his fairies and forgets he ever had them.
Timmy Turner and his friends have been camping outside the movie theater, waiting for ticket sales to open for "Crash Nebula the Movie", but just as the ticket booth opens up, a boy named Remy Buxaplenty steps in front of everyone. A plane flies in the sky leaving a smoke trail message introducing Remy Buxaplenty as "richer than you'll ever hope to be". Timmy protests that he and his friends were there first, but Remy ignores him and snaps his fingers. Two butlers appear and lie in front of the ticket booth on their hands and knees. Remy uses the butlers as steps so that he can see the top of the ticket booth, and then he promptly buys all of the tickets out of the theater while the other kids cheer in the background. However, Remy interrupts their cheering and tells the other kids that the tickets are not for them, but rather his many bags of money, pointing to the non-stop flow of butlers that are pushing wheel barrels full of Remy's money into the theater. Timmy and his friends are left fuming.
At the arcade, Timmy is kicking butt in a virtual video game. He tells his fairies that if he gets a high score, his name will be honored on the boy's bathroom door. Just then though, Remy appears in the game and zaps Timmy, resetting his score to 0. Remy's score is already in the millions for some reason. Remy gloats, "I win!" as a gold plaque with his name is placed on the player's lounge door but it used to be Timmy's name on the boy's bathroom door. Back home, Timmy knows that something is fishy. He asks Wanda how Remy could be so much better than him at everything, Wanda tells him Timmy can just go to a place where Remy could never ever be as better as Timmy, inside the Crimson Chin comic books. Timmy wishes himself into the Chin comic book as Cleft the Boy Chin Wonder. When Timmy tries to save the Crimson Chin from the Golden Gut, Remy appears again inside the comic book as Cleft the Rich Boy Chin Wonder and saves the Crimson Chin while Timmy misses his target and plummets to the ground.
Timmy goes to investigate things at the Buxaplenty Mansion. Cosmo and Wanda poof into binoculars and listening headphones, and Timmy decides to see how the better half live. Ironically, Remy's parents neglect him even worse than Timmy's parents, and he has a purple colored ferret as a pet, one with a floating golden crown. Timmy concludes that Remy must have his own fairy godparent. It turns out that Cosmo and Wanda knew all along that Remy had a fairy godparent--upon being questioned why they didn't tell Timmy, they explain that Da Rules explicitly state that fairy godparents can't tell their godkids about other children with godparents, explaining that "you have to figure it out on your own." Timmy then questions if Cosmo and Wanda know who Remy's godparent is, and Wanda becomes very reluctant to reveal who it is. Eventually though, Wanda reveals that Remy's fairy godparent is Juandissimo Magnifico, who also happens to be Wanda's ex-boyfriend (which Cosmo hates to be reminded of).
At this same time, Remy has spotted Timmy, Cosmo, and Wanda outside his house. Juandissimo appears when Remy asks him why he did not tell him about Turner's godparents earlier, Juandissimo tells Remy the same thing that Cosmo and Wanda told Timmy. Whenever Juandissimo speaks, he sometimes switches to Spanish, and he constantly flexes and sometimes rips his shirt off only to poof a new one back on seconds later. Remy fears that Timmy will use his fairies to become richer than him, so he asks Juandissimo to wish Cosmo and Wanda away, but Juandissimo said he cannot because that path leads to "madness". However, Juandissimo says that he can make Timmy lose Cosmo and Wanda if Remy can either get Timmy himself to wish them away or he beats Timmy in a Magical Duel. Winner keeps his fairies, loser loses his fairies and forgets he ever had them.
Remy invites Timmy into his house, and cuts right to the chase. Remy reveals he knows Timmy has godparents and that Timmy knows Remy has a godparent. Juandissimo appears and begins kissing Wanda's hand and telling her how much he has missed her, "as the sun misses the dawn", right in front of Cosmo. In fact, Juandissimo was actually kissing Cosmo's hand but he did not know it. Cosmo then slaps Juandissimo with his hand and that he doesn't need magic to turn it into a fist, but as Cosmo struggles to figure out how to make a fist, Juandissimo uses magic to turn him into a turtle. Cosmo tells Juandissimo he is in for it as soon as he can get to his wand, and slowly starts to crawl toward it. Juandissimo flees to Remy, jittery and saying that Cosmo almost managed to get his hand into a fist which could have jeopardized Juandissimo's looks. Remy tries to bribe Timmy money to give up his godparents, but Timmy refuses--Timmy realizes that despite Remy being super rich and having a godparent, Timmy himself ultimately has a better life than Remy, with much more loving (if at times neglectful) parents and as well as much better and loving godparents. This angers and insults Juandissimo who tells Remy to "call it!", and Remy calls for a magical duel.
Timmy, Cosmo, Wanda, Remy, and Juandissimo are poofed into the Fairy Stadium, which is quickly filling up to full capacity. Jorgen von Strangle acts as the announcer, explaining to the puny fairies around him the rules, "Winner takes all, loser won't recall." The best two out of three wins. Timmy is upset by this, he does not want to lose his fairies. Juandissimo tries to hit on Wanda again, but Cosmo angrily interjects. Juandissimo transforms him into a turtle again, and Cosmo vows for revenge as he slowly crawls toward his wand. The challenges consist of godparents rescuing their godchild from danger.
Challenge 1: The godparent must rescue their godchild from a giant ape which is a parody of the Donkey Kong (Remy loses due to Juandissimo trying to use singing to soothe the ape, which does not work, but Jorgen comments that he's still very sexy. Timmy wins due to Cosmo poofing up some bananas for a snack, which causes the ape to drop Timmy and take the bananas).
Challenge 2: The godchild must distract a human adult so they don't see their godparent magically douse a fire (Remy wins due to bribing the man to leave with money).
Challenge 3: The godchild must be turned into the most imaginative animal possible (Juandissimo turns Timmy into a dragon).
During the battle, it looks like Remy is about to win, due to having paid consultants come up with an animal, but Cosmo comes up with a plan to distract Juandissimo from the last task. Cosmo turns into a clone of Juandissimo and mocks his buffness and outer beauty, as well as taunting him about how despite all that, Wanda still ultimately chose Cosmo over Juandissimo. This angers Juandissimo to the point that he cannot concentrate (including the 2 versions of the Chunky hunky), and at the last second, he angrily shoots off his magic, but as luck would have it, the magic misses Remy and hits Timmy, turning him into a huge amazing dragon which means Timmy wins. Remy loses Juandissimo. Timmy wishes Remy was far far away with his family so he can spend quality time with his family. The scene cuts to a yacht crashed on a small uncharted island, Remy's parents are still ignoring him and more concerned about their money, but he hopes to warm up to them by catching some food for them to eat. While hunting, Remy spots a purple colored turtle. Juandissimo has come back and is trying to get Remy to discover him, but Remy grabs him and yells "Who wants turtle soup!?", and Juandissimo screams that he is too sexy to be eaten as the episode ends.