Obviously they added the comedy and changed pool to bowling but otherwise the narratives are almost identical. Woody Harrelson is Paul Newman, Randy Quaid is Tom Cruise and Vanessa Angel is Mary Elizabeth Mastrantonio.

The intro is a condensed version of The Hustler as Harrelson/Newman is a Proffessional Bowler/Pool player who hustles some dangerous people who then proceed to punish him by taking his hand/breaking his thumbs, destroying his future in the sport.

The rest of the film is The Color of Money. Both films use the road movie format to tell the story of Harrelson/Newman, now an over the hill bowling supplies/liqueur salesman, as he regains his confidence and former glory.

He meets and notices great bowling/pool skill in Randy Quaid/Tom Cruise who also reminds him of his younger self. He takes him as his protegé and they go on a trip across the country as he shows him the ropes of hustling so they can save enough to enter him in a big bowling/pool tournament. But in a final twist Harrelson/Newman enters the tournament himself, realising he still has the ability to play.

Obviously there are a few little differences but it's clear where the Farrely brothers took their inspiration from.