Preheat oven to 350 degrees F (175 degrees C). Butter a 9x13 inch baking dish.
In a large bowl, combine bread, milk, sugar, butter, eggs, vanilla and butterscotch chips; mixture should be the consistency of oatmeal. Pour into prepared pan.
Bake in preheated oven 1 hour, until nearly set. (It should have a thigh wiggle or wiggle as much as a well endowed thigh.) Serve warm or cold.