From the very, very short-lived show A Year at the Top which ran from August to September of 1977. Greg (Greg Evigan) and Paul (Paul Shaffer, David Letterman's right hand band man) play a naive pair of songwriting Boise bumpkins who come to the big sh*tty to try to put on their musical.
But Frederick J. Hanover, head of Paragon Records, has other plans. Turns out he's the Devil's son, and pop needs two more souls, post-haste. So rather than give the bumpkins and their uncle Mickey (a seriously slumming Mickey Rooney), their deserved bum's rush, Hanover has them step into his parlor. With his satanic powers, he has the talentless twosome both playing the piano and singing like a pair of less outrageous Elton Johns. He convinces them to make the extremely unlikely jump from musical songwriters to pop stars.
When Hanover (Gabriel Dell) makes a claim eliciting a cry of "hogwash!" from their Uncle Mickey (Mickey Rooney?!), Hanover is able to make the weak joke that that is the name of a band that sold 8 million records last year.