An old reference, let's see who gets it?! Sharkweek - a Raydog event

I know the show, of course, but not the reference :(

In one episode (or series of episodes) the Happy Days crew all travel from Milwaukee to California for some reason and hilarity ensues.

The Fonz has to, for some reason (bet or dare), jump a shark on water skis. He made it over the shark, which is why GC is disappointed.

In pop culture, the phrase "jump the shark" means that something has reached the peak of its popularity and is now stretching its premise in a desperate attempt to hold on to popularity.

Phelps was going to lose hands down