Factual error: In the scene where they are watching "The Drive", the TV is not showing an NFL game at all. The field is 110 yards long. There is an overhead shot of the field and you can see two 50 yard lines and a C in the middle. They are watching a CFL game.
Plot hole: In the scene when the guys bet on the outcome of the football game, their prediction is proven wrong when the vomit covered squirrel from the earlier scene runs onto the field and disrupts John Elway's pass. The movie takes place in Colorado, but the AFC Championship game featuring "The Drive" was played in Cleveland, OH. That's a lot of distance for a squirrel to travel in a couple hours.
Continuity mistake: When the guys reach the end of their downhill run, they encounter Blain, who is irked by their "shenanigans," going so far as to shove Jacob to the ground. When he pushes Jacob the large two-way radio that is in his pocket falls and hits the ground in front of him. However, when the camera angle changes to show only Blain and Chaz, the radio is back in his pocket without him ever having to recover it from the ground.
Continuity mistake: When the guys are at the lodge in their room, and they're sitting around the table talking about the past, the glasses on the table keep moving around in each shot.
Factual error: "Push it" by Salt 'n' Pepa, featured in the film, was released in December of ‘86 but the events are suppose to take place in January of ‘86.
Revealing mistake: The can of "Chernobly" is supposed to be from Moscow, and the lettering on the can contains at least one Cyrillic letter. However, the name printed on the can is nonsensical, using random Latin and Cyrillic letters in an effort to look Russian, but the letters don't spell a word and means nothing in Russian.