Dollar Bill is an aspiring television director and an associate of the Defenders. He uses footage from the team's latest fights to create a television documentary called the The Dynamic Defenders, sells it to a television channel, and has it broadcast. All without the team's permission. In the documentary itself, Dollar Bill reveals the existence of the team to the world, the location and exact address of their headquarters, and invites more heroes to join the team. The following day, a small army of new Defenders turns up at the Defenders' headquarters. Nighthawk tries and fails to get rid of them.
The Defenders for a Day elect Hercules as their new leader, and manage to cause veteran member the Hulk to resign and leave. Meanwhile, Libra and Sagittarius organize an army of super-villains to terrorize New York City. The villains also call themselves Defenders. Secretly, Libra's real plan is to counter-balance the Defenders as agents for Order, with his Defenders as agents for Chaos.
After a few more resignations in their ranks, the Defenders and Defenders for a Day split in three groups to search for the villains. One is led by Hercules, another by Nighthawk, and the third by Valkyrie. Nighthawk soon alienates his entire group, and they all resign in protest. Hercules leads his group in several fights with a sub-group of the villains which is led by Sagittarius. The villain Blob almost manages to kill Hellcat by choking her to death. The near-death experience activates he dormant psionic powers, which blindly blast every hero and villain in her vicinity. She is left standing among the unconscious bodies of her friends and foes.
Valkyrie leads her group (and Nighthawk) in battle against Libra's group, though Libra escapes unharmed. During the battle, Valkyrie is nearly killed by the villain Joe the Gorilla. She is overcome by warrior madness, hallucinating that she is surrounded by Rock Trolls. She defeats Joe, and then proceeds to attack every hero and villain she sees. She thinks they Rock Trolls. She throws them all on the air, sending them flying away. She mistakes Nighthawk for a Troll assassin and prepares to execute him. He manages to make Val return to reality, though she is horrified by her own actions. He promises to get her medical help, the best doctors that money can buy.
In a subplot taking place in the Soviet Union, the Presence visits the area of Kyshtym, where he had caused a nuclear accident in 1957. He discovers a giant amoeba living in the area, and tries to destroy it. The Amoeba feeds on his energy and then swallows him. Agents of the Soviet Union wrongly believe that he is controlling the amoeba, and that he wants to use it for another attempt at conquering the world. In another subplot, the Soviets discover that Red Guardian, who has recently been mutated into a radioactive being, can not be returned to her normal human form. She is potentially dangerous and difficult to control.
- The story arc was written in part as a humorous take on the Defenders and Marvel's heroes and villains. Several scenes and their dialogues are played for laughs and give the story arc its reputation as a comedy. However, both Hellcat and Valkyrie are nearly choked to death by male villains and these scenes are depicted as deadly serious. Among the subplots is that Hellcat has trouble controlling her psionic powers and that Valkyrie is struggling with insanity. The scenes taking place in the Soviet Union are also serious in nature.
- Some of the subplots introduced in the story arc are resolved in Defenders Vol 1 65, which partly serves as an epilogue. Valkyrie's problems lead to the Val in Valhalla story arc of subsequent issues. Hulk's resignation from the ranks of the Defenders is short-lived, as he returns in the Val in Valhalla story arc.
- Some scenes of the story arc involve the long-running subplot about the vigilante Lunatik and drama teacher Harrison Turk. However, this subplot is not actually resolved here, and would continue for several more issues. It concludes in Defenders Vol 1 73 (July, 1979).
- This is often considered as one of the most memorable story arcs involving the Defenders. It has been reprinted several times and is covered by several websites which involve Marvel topics. The story is often praised for its value as a comedy and for its memorable use of a large cast. On the other hand, a number of onlive reviewers claim that several of the characters involved had out-of-character moments and/or were poorly used.
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