A reference to a movie or movie director who has sacrificed plot or character development in favor of special effects, a la Michael Bay, in a negative way, by also referencing the well known phrase "Jumping the Shark", which refers to a tv show that is no longer as good as it used to be.

when your favorite show starts to flag and go downhill, as when Fonzie jumped the shark on waterskis. We all knew that Happy Days was on its way down then.

The beginning of the end. Something is said to have "jumped the shark" when it has reached its peak and begun a downhill slide to mediocrity or oblivion. It's said to have been coined by Jon Hein, who has a web site, jumptheshark.com, and now a book detailing examples, especially as applied to TV shows. It supposedly refers to an episode of the TV show "Happy Days" in which Fonzie jumps over a shark on water skis, which Hein believes was the point at which the series had lost its touch and was beginning to grasp at straws.

It's when a long-running clubbing institution ends, and, the frontrunners of that institution don't realise it's all over. It's commonly identified by that phrase 'that is how it is now'.

A metaphor that identifies the exact moment a TV show has reached its creative peak. Or to put it bluntly, it’s the beginning of the end of a once great show. The moment in which it becomes clear the writers are out of good ideas and the show has begun its decent downhill. It’s usually some ridiculous stunt, story line, major character change, or huge fundamental shift in the premise of the show that is viewed as nothing more than a desperate attempt to raise viewership and declining ratings. The phrase refers to an episode of the popular 1970’s sitcom Happy Days, in which one of the main characters is water skiing (while wearing his trademark leather motorcycle jacket mind you), and literally jumps over a shark.

The movie version of "jumped the shark".

It's like jumping the shark but worse. Not only does the show now suck but it's sticky and smells like shit. Not to mention it ruined a pair of good shorts.