What do you expect from a movie that has David Hasselhoff playing a character named Boner? Yup, it's that bad.
The 1977 comedy is the second of The Cheerleaders Collection, but it's also the worst of the three. Lame plot has the cheerleaders struggling to save their school from being merged with a rival school, but unfortunately, unlike the original The Cheerleaders, this one isn't especially funny. Maybe that's why they made the third of the series, Cheerleader Camp, a comedy/horror. If the jokes fell flat, they'd gross you out or scare you to death.
Of course, the main reason for watching these movies is naked cheerleaders. While there is plenty of nudity, there's also a lot of time wasted with dumb comedy bits that weren't funny. One interesting piece of casting is that Cheryl Rainbeaux Smith played a pregnant cheerleader, realistic casting because she WAS pregnant, apparently. They kept her pretty well hidden in the nude stuff, but in one shower scene you get a brief glimpse of her obviously pregnant belly, and that's shown in the Patrice Rohmer collage (third row, far right), although it's not very clear.
The quality of the DVD was horrible, so bad, in fact, that they placed an explanation before the start that all the original prints were in bad shape, and they had to take bits and pieces from several different masters to produce the DVD. Still worth seeing, though, for a great example of 70's sexploitation.