In New York City, Eddie McGuinn, undefeated amateur boxer and candidate for the 1988 Olympic boxing team, announces his acceptance into college at his family’s boxing gym, Patty Flood Boxing Club. Eddie’s father, Dan McGuinn, and grandfather, “Pop” McGuinn, take him out to celebrate. Later, Eddie watches his older brother, Ray McGuinn, box in a professional match on television. Dan refuses to watch, upset that his son, Ray, left the gym to become a prizefighter. For an upcoming fight against Julian "Snake" Pedroza, Ray returns home. At the train station, Eddie brings Barbara Uribe, Ray’s former girl friend, to greet his brother. However, Barbara leaves when she sees Ray kiss another woman. Ray invites Eddie to the fight press party and to meet his new trainer, Lou Rubia, but Dan does not want his son, Eddie associating with Lou, who has ties to organized crime. Ignoring his father, Eddie goes to the party and meets Benny Pistone, a shady businessman and former criminal. Later, Lou informs Ray McGuinn that Pistone wants him to take a dive in his bout with Pedroza, and will pay close to $20,000. Reluctantly, Ray agrees. Afterward, Ray goes to watch Eddie fight at The Patty Flood Boxing Club. During Eddie’s match, Lou, Pistone and Pedroza arrive. After Eddie wins, Lou congratulates him, but Dan McGuinn orders Lou and Pistone to stay away from Eddie. Feeling guilty about accepting Pistone’s money, Ray confesses to Eddie that he was ordered to throw his match. Planning to leave Lou’s training, Ray announces he will not fight Pedroza. As Lou drives Ray to tell Pistone in person that the fight is off, they are followed by two of Dan and Pop’s amateur boxers, Rudy and Coop. Arriving at an abandoned warehouse, Coop telephones Eddie, and Rudy keeps watch on Ray. After Pistone refuses to let Ray out of the deal, Ray punches Pistone in the face. At Pistone’s order, Pedroza appears and throws Ray out the window, killing him. Witnessing Ray’s murder, Rudy runs away. After Ray’s funeral, Barbara and Eddie try to comfort one another. They kiss, but Eddie pulls away, ashamed of his feelings for Ray’s former girl friend. Later, Coop finds Rudy and leads Eddie and Barbara to his hiding place. Hearing that Pedroza killed Ray on Pistone’s order, Eddie wants Rudy to go to the police. However, fearing for his life, Rudy refuses. To avenge Ray’s death, Eddie tells Dan and Pop he wants to box against Pedroza. Dan reminds Eddie that he would need to become a professional boxer and would no longer be considered for the Olympic team. However, Eddie challenges Pedroza. Although upset about the match, Pop convinces Dan not to abandon his remaining son and they train Eddie together. On the night of the fight, Eddie announces it will be his last, as he no longer finds joy in the sport. Throughout the first rounds, Pedroza takes cheap shots and causes Eddie severe injuries. However, Eddie senses that Pedroza is getting tired. Punching Pedroza repeatedly, Eddie wins by a "technical knockout." Meanwhile, Rudy watches the fight on television and inspired by Eddie, goes to the police. As police arrive and arrest Pedroza, Eddie, Dan and Pop celebrate their victory.