Nicotero would be on locale (via archived footage) with the on the street contestants, virtually any and everywhere in the United States.

The show features two in studio contestants competing against each other; and three voluntary "on the street" contestants/participants, (who were approached to be on the program in an unsuspecting manner, and who were also generally referred to as "savants" by Nicotero), who are civilians, situated in a popular outdoor metropolis area, in which the "savants" are featured via archived, prior pre-recorded vox populi interviews moderated by Nicotero.

This aspect was probably done to take the "savants" out of their element, making incorrect responses likely to happen based on the current situation.

A question is posed, and the studio contestants must predict which of the three "savants" gave the correct answer.

Sometimes, as an aside, Nicotero will call for a wrong-answer clip to be played, to add humor to the show.

This round, is similar to the first round, but the object is to predict which "savant", gave an incorrect response; for each question, only two of the "savants" are considered (one of whom answered correctly), and correct predictions are now worth $200.

Unlike in the first two rounds, the in studio contestants do not have free roam on deciding which "savant" to predict what their response will be.

The in studio contestants must predict, whether the "savant" they chose, gave a correct, or incorrect answer.

High scorer at the end of the game keeps their money, and, in season 5, has the opportunity to risk their winnings for the possibility of a slot in the season-ending Tournament of Champions (see below).

During the credits roll, the answer to the "Wager of Death" question, from the "savants" not picked, regardless if they gave a correct, or incorrect response, were shown to the audience.

If the game ended in a tie at more than $0, one final question was asked to both studio contestants.

In all celebrity episodes, the game ends in a tie and both charities receive the same amount.

Beginning in season two and continuing for the remainder of the series, the contestants stood behind a desk for the whole show and recorded their answers by way of pushing buttons.

To celebrate the series being the first street-interview show in 20 years to be renewed for a fifth season, Street Smarts offered its winning contestants an opportunity to compete for $100,000 in a season-ending, single-elimination tournament for what proved to be its final season.

The tournament took place over the final thirty-one episodes of the season, and each game was played for points instead of money.