What happens to washed up stars?

You know....I found myself flipping through channels last night....not that I have many (got rid of cable...) but I found myself looking at channel 54....here that's UPN or whatever it is now. Well, I found a show that seemingly was based around internet videos...kind of like America's Funniest Home Movies or whatever but most of them seemed pretty dated. The thing that I found surprising was that it was hosted by Arsenio Hall. I came to an odd line of thought after noticing that....is that what happens to stars that fall out of popularity? They jump at the chance to host any show they can, just so they can stay in the public eye? It's frankly pretty pathetic. He wasn't even funny, it was all so sad.