1979. Businessman Jerry Buss stakes his fortune on the purchase of the NBA's lackluster Los Angeles Lakers. Meanwhile, the team's head coach, Jerry West, bristles at the prospect of drafting college phenom Earvin Johnson – who must decide if he's ready to live up to the mantle of his nickname: Magic.

After giving Coach West carte blanche with the Lakers roster, Buss attempts to charm fellow franchise owner of the Celtics, Red Auerbach. Meanwhile, Earvin's efforts to impress the women in his life fall flat, and Claire's mandate to get creative brings conflict with Buss' daughter, Jeanie.

Leaving the Lakers to deal with the fallout of Coach West's shocking announcement, Buss travels to Las Vegas, and soon becomes entangled with a dangerous foe. Back in LA, Earvin finds himself alone in a new city, while former Laker Pat Riley seeks out a new place within the team.

As the Lakers head to Palm Springs for the start of training camp, Buss finds himself in over his head financially, and the team's new coaches struggle to prove their vision for a groundbreaking method of play. Meanwhile, Jeanie works to bring her father's flair to the Forum.

As the Lakers prepare for their season opener against the Clippers, an increasingly frustrated Kareem begins to doubt his place on the team – allowing Coach McKinney to stoke his growing rivalry with Earvin. Jeanie courts star talent for newly minted cheer squad, the Laker Girls, including a promising young dancer, Paula Abdul.

Assistant coach Paul Westhead adds to the Lakers' growing list of problems when he finds himself dealing with a tragedy of Shakespearean proportions. Increasingly courted by corporate sponsors, Earvin consults a newfound financial advisor.

While Buss clashes with West over the coaching staff, Paul calls in a favor from Pat Riley. On the road for the first time, Earvin attempts to reconnect with loved ones in Lansing, before heading to Boston to square off against longtime rival Larry Bird.

As the Lakers continue their successful run, Paul and Pat are forced to reckon with the tenuous nature of their positions. Then, Earvin meets his childhood hero at the NBA All-Star game, where he receives some sage advice. Jessie convinces Jeanie to help shield her father from a devastating truth.

As the Lakers prepare to enter the play-offs, Buss struggles with the team's tenuous coaching situation and his mother's failing health. Later, Haywood receives an ultimatum from Kareem.