In 1958, Frank Corvin (CLINT EASTWOOD) and Hawk Hawkins (TOMMY LEE JONES) were two competing Air Force test pilots who, along with the rest of their Team Daedalus crew -- Jerry O'Neil (DONALD SUTHERLAND) and Tank Sullivan (JAMES GARNER) - were prepared to be the first Americans in space. Unfortunately, NASA replaced the Air Force for such missions and a chimpanzee took the place of Frank and his crew.
Now, nearly half a century later, the Russian communications satellite Ikon is crippled due to a failure in its arcane navigational system. Since the satellite is too big to retrieve and return to Earth and its failure will reportedly cause chaos and maybe even civil war in that part of the world, NASA bureaucrat Bob Gerson (JAMES CROMWELL) and Mission Director Sara Holland (MARCIA GAY HARDEN) decide that their best bet lies with Frank who originally designed the system for Skylab.
Of course, Frank wants to know how his system got onboard a Russian satellite and he initially refuses the offer to help simply because he's never gotten along with Gerson. Even so, he eventually decides to help, but only under the condition that he and his original crew get to take on the task themselves. Gerson balks at the idea of sending untrained, senior citizens into outer space, but realizing he's running out of time before the satellite reenters Earth's atmosphere, he reluctantly agrees.
Frank then sets out to round up his old crew and quickly signs up Tank, who's now a Baptist minister, and Jerry, who's a structural engineer designing roller coasters. Hawk, a biplane pilot, is another story since he and Frank haven't spoken in twelve years, but the gruff old man eventually agrees.
The four would-be astronauts then arrive at NASA and despite the objections of shuttle flight director Eugene Davis (WILLIAM DEVANE) and their younger counterparts, Ethan Glance (LOREN DEAN) and Roger Hines (COURTNEY B. VANCE), who will accompany them on their mission, they begin their hurried one month of training. With time running out before the satellite literally falls from the sky, Frank and his crew find themselves confronting a series of obstacles that threaten to jeopardize their mission.