That is Andre the Giant holding up Boston Bruins Carol Vadnais on the left and Bobby Orr on the right. Vadnais befriended Andre while he played in California, likely drawn together by their French language and cultural upbringings.
What an amazing pic. Vadnais and Orr were not small guys by any stretch, both around 6 feet tall and 200lbs. But they look like kids next to the "Eighth Wonder Of The World." And what a hair-do and outfit. I guess when you are that big you can't be too picky when buying clothes. You have to buy whatever you can find that fits. Is that an oversized table cloth for a shirt?
Phil Esposito talks about the night this photo was taken in his book from 2003 Thunder and Lightning: A No-B.S. Hockey Memoir. Apparently he has a similar picture of him and Orr with Andre.
Espo goes on to tell of the story of the night on the town the four of them had that night, with the accompaniment of a female companion. There is no P.G. version of the story, so you'll have to buy the book if you really want to know the story.
Here's some another photo of Andre with Bobby Orr.