In the arid and sun-blasted year of 1874, the young and impressionable Will Andrews (Fred Hechinger), the son of a clergyman, makes the bold decision to abandon his studies at Harvard University. He embarks on a quest to find excitement in Butcher’s Crossing, a minuscule frontier town nestled in Kansas, thriving on the buffalo hide trade. His heart races at the thought of a grand buffalo hunt, where he teams up with the no-nonsense and tough-as-nails Miller (Nicolas Cage), an experienced hunter who captivates Will with tales of a hidden pass in Colorado, said to be home to one of the last immense buffalo herds. Despite warnings about Miller’s dubious reputation and the inherent dangers of such an expedition, Will invests his entire fortune to fund the journey.

With Will’s backing, they gather supplies and enlist the help of Charlie Hoge (Xander Berkeley), a rough-around-the-edges, one-armed drunkard with a talent for cooking and an affinity for scripture. In addition, Fred Schneider (Jeremy Bobb), a skeptical but pragmatic ‘skinner’, joins their crew, insisting on a salary to express his doubts regarding Miller’s extravagant claims.

Their taxing journey tests their limits, ultimately guiding them to the breathtaking mountain pass, where a veritable ocean of buffalo awaits them. Miller dives headfirst into the hunt, decimating herds and leaving Will and Schneider with the grim task of processing the mountains of slaughtered buffalo. Despite repeated suggestions to slow their pace, Miller remains relentless, while Will begins to numb himself to the horrific sights surrounding him.

After three grueling weeks filled with unmerciful butchery, Schneider points out that their timeline has lapsed and they have garnered an overwhelming stockpile of hides. He suggests returning home before winter’s harshness could entrap them in the mountains for an extended period. However, Miller remains obstinate, and Will sides with his guide.

As a result, the team finds themselves ensnared by a fierce blizzard, enduring a lengthy and grueling winter in the unforgiving mountains. Frustrated, Schneider scorns Hoge, burning his cherished bible in an act of desperation. In a fit of rage, Hoge retaliates by poisoning Schneider’s food, sending the group spiraling into despair and mutual distrust.

Amidst the growing madness, Miller fixates on returning to town with a record-breaking bounty, while Will’s grasp on his sanity begins to slip away. The group resigns themselves to a long, harsh survival in solitude and misery. With the arrival of spring, Schneider uncovers Hoge’s nefarious schemes, leading to a tragic showdown that results in the ruthless dispatch of their treacherous companion. Burdened by their staggering collection of 4,600 hides, Schneider and the remaining members must make the agonizing choice to leave behind nearly half of their precious loot, intent on coming back for it later. However, fate delivers a cruel twist as their weary wagon tumbles from a cliff, dragging Schneider and his hard-earned bounties down into darkness, leaving Miller and Will in stunned silence.

Upon their eventual return to town, they are greeted by a ghostly landscape that starkly contrasts the vibrant market they once knew. The buffalo hide trade has collapsed, transforming their hard-fought spoils into worthless remnants of a lost era. Overwhelmed by the dire turn of events, Miller’s despair erupts as he sets fire to the remnants of the buffalo exchange building, a once-mighty symbol of his dreams now turned to ashes. Yet out of this devastation, Will rises, his spirit battered but his resolve unyielding. When questioned about the worth of their arduous journey, Will’s weathered visage reflects not just defeat, but a newfound wisdom. With quiet determination, he rides off into the wilderness alone, forever transformed by the harrowing experiences that have shaped his soul.