The utilization of the phrase varies by country.

1. (American) Failure of a device, usually in a non-repairable manner.
2. (British) Exclamation of surprised.

1) Making a mistake that many other people recognize as a mistake.
2) Fucking up...really bad

The 2016-2017 Minnesota Vikings, who started out 5-0 and ended 8-8.

When something goes horribly wrong, or mechanically or electronically dies.

A sudden and complete failure or collapse producing a profoundly negative result.

1. verb. To die

2. verb. To become mechanically inoperable beyond the point of repair. See also, fucked, fubar.

entymology and usage: "shit the bed" comes from the unfortunate final humiliation when an animal's (yes, including human's) bowels completely relax at the point of death, causing the contents of the colon to be expelled. To use the term as a "euphamism" for biological death is considered to be in poor taste. It is more often colorfully used in definition 2.