Because this video is certainly viewed differently with perspective of everything that has happened in the last 36 years, there are a lot of layers going on here. Bruce Jenner makes a cameo. Not far removed from their playing days, O.J. Simpson and Joe Namath were kings of the universe, and their star power and kitschy one-liners (Namath made a couple Civil War jokes) drove the program, which was a 5-on-5 beer chug relay race:
As an aside, this beer chugging relay is vastly inferior to flip cup, which adds an extra element to the competition. However, at least according to an old Geocities page that no longer fully loads, the advent of flip cup did not occur until 1987 when a group of college students played the game in Hoboken. These chuggers did not know what they were missing.