it was set aboard a Naval submarine/ship
it consisted of a series of competitions/games modeled after life on a Navy vessel (with a bit of the over-the-top you find in Castaway and Survivor and such) shows.
at the end, there was a celebration, both for the winning team's victory, and also for the cast&crew to say goodbye to the crew of the vessel. At the end of that, the head guy of the show turned to the camera and said, "Well, I was going to board a life raft and head for a deserted island; but I (find I) rather like this. What do you say/think ? Do you think this is the life for me?" as his clothes abruptly changed from what they were, to a Naval officer's uniform.
Voice-Over Announcer: "Indeed, he had so much fun that he joined the Service, and went out of our lives," as the ship sails away. (and a sense that that was the end of the Survivor series (and all like it))
wow, got more of it down than I thought I would be able to jot down. usually I get a few parts down, and I go blank, like my icon suggests.