Above: Captain, Tabitha, Monica, Aaron and Elsa
This is my 200th post!
This series focuses on a group of B-list heroes: Monica Rambeau (former Captain Marvel), Tabitha Smith (former X-Force member), Aaron Stack (Machine Man), Elsa Bloodstone (a monster hunter) and the Captain (a new character, who used to be "Captain [censored]", the word is so vuglar Captain America once put soap in his mouth and threw him in a dumpster). The group joined the Highest Anti-Terrorism Effort (or H.A.T.E.) to stop the Unusual Weapons of Mass Destruction (U.W.M.D.s). However, they discovered a terrorist group called the Beyond Corporation was actually funding H.A.T.E. So, they stole a vehicle called the Shockwave Rider (which is bigger on the inside than the outside akin to the TARDIS from Doctor Who) and battled U.W.M.D.s and H.A.T.E., while being hunted by the leader of H.A.T.E., Dirk Anger (an over-the-top parody of Nick Fury).
The series tends to have story arcs lasting a mere two issues. The comic has extreme comedy and violence and shows flashbacks of various heroes acting out of character for comedic effect. It also parodies the superhero genre in general. Warren Ellis (the guy who wrote the series) stated "I took The Authority and I stripped out all the plots, logic, characters and sanity".
Cannon or Not
A confusing issue is whether the Nextwave takes place in the Marvel Universe or not. Ellis state concern wasn't due to the "harm" it would due to the continuity. However, Official Handbook of the Marvel Universe and Civil War: Battle Damage Report claimed otherwise. The Battle Damage Report claimed that the Nextwave's members might have had their memories and personalities altered by H.A.T.E.