Answer: JUMPTHESHARK

"Jump the shark" is a phrase that originated from a specific episode of the TV show "Happy Days" in which a character literally jumped over a shark while waterskiing. The term "jump the shark" has since come to refer to the moment when a television show, or any form of entertainment, becomes excessively outrageous, unbelievable, or gimmicky. It is used to describe the point at which the quality or credibility of a show declines significantly, often leading to a decline in popularity or the loss of a dedicated fan base.

Note: The provided meaning of the answer is for the latest New York Times crossword puzzle clue: Become absurdly outlandish, as a TV show. Explanations are generated by AI and may be inaccurate.