Broadcast first on the Super Bowl, various animals and two cowboys are watching a football game with Anheuser-Busch's venerable Clydesdale horses representing the players. A horse places his hoof atop the football that rests on the ground ready to start play.
Suddenly, a "naked" male sheep shorn of its wool breaks through the crowd of wooly sheep and interrupts the game by "streaking." Onlookers, mainly other species of animals, laugh at the sheep's silliness.
With everyone's attention, the sheep wiggles its butt, then stands on its hind legs and gyrates, upstaged by the heads of the two cowboys also watching -- indicating its genitals are showing. One of the cowboys looking on says, "Didn't need to see that." The other agrees, "Nope."
The ad earns a Negative rating because the ad seeks humor in the homophobic discomfort the cowboy feels at the sight of another "man" naked. This ad could've maintained its humor solely based on the clever anthropomorphic visuals of the animals playing football.