Hung around too long. Kept something going when it had obviously run its course or became useless.
Keeping "Two & a Half Men" running with Ashton replacing Charlie Sheen. Further enhanced by reducing the roles of the really talented cast members like "Berta"; "Mom" & "Rose", "Jump the shark"d
to reach the point where the poupularity of a show, movie, musician, or any other pop culture icon declines in popularity (refers to an episode of The 1960's TV show, "Happy Days" where Fonz jumps over a shark while water skiing, see also jump the couch)
A defining point in any business, relationship or other human engagement in which a peer or superior behaves in a way that eliminates any traces of his/her credibility and, consequently, any sense of purpose in continuing the overall engagement.
"Things haven't been looking rosy for the company lately, but the boss totally jump the shark when he said 'no big deal' after half the best employees quit on the same day. I gotta get a new job - quick."
A very stupid saying. You don't need to know what it means because whoever said it to you isn't worth listening to. The phrase was popular from October 2004 to January 2005. But now it's just stupid. The person who said it is probably a very insecure teenager (or a VERRRY insecure 20-something) who is just trying to sound cool.
Next time someone utters the phrase "jump the shark", take him/her by the hand and say gently, "It's ok, you don't have to try to act cool. No one's watching."
DWEEB #1: Check out my new parachute pants. They're phat!
DWEEB #2: "Phat" jump the shark last week! Anyway my parachute pants are modder than yours.