<P> At the end of the episode, the two contestants with the highest winnings (or since 1975 on hour - long episodes, the two Showcase Showdown winners) advance to the Showcase . A "showcase" of prizes (currently two or three prizes) is presented and the top winner has the option of placing a bid on the total value of the showcase or passing the showcase to the runner - up, who is then required to bid . A second showcase is then presented and the contestant who had not bid on the first showcase makes his or her bid . Unlike the One Bid, the contestant bidding on the second showcase may bid the same amount as their opponent on the first showcase, since the two contestants are bidding on different prize packages . The contestant who has bid nearer to the price of their own showcase without going over wins the prizes in his or her showcase . </P> <P> Any contestant who overbids is disqualified regardless of their opponent's result . A double overbid results in neither contestant winning a showcase . Since 1974, any contestant who comes within a specified amount from the actual retail price of their own showcase without going over wins both showcases . Until 1998, the amount was less than $100 . In 1998, it became the current $250 or less . </P> <P> Bob Barker began hosting The Price Is Right on September 4, 1972, and completed a 35 - year tenure on June 15, 2007 . Barker was hired as host while still hosting the stunt comedy show Truth or Consequences . His retirement coincided with his 50th year as a television host . His final show aired on June 15, 2007, and was repeated in primetime, leading into the network's coverage of the 34th Daytime Emmy Awards . In addition to hosting, Barker became Executive Producer of the show in March 1988 when Frank Wayne died and continued as such until his retirement, gaining significant creative control over the series between 2000 and his 2007 retirement . He also was responsible for creating several of the show's pricing games, as well as launching The Price Is Right $1,000,000 Spectacular primetime spin - off . Reruns of Barker's final season were aired throughout the summer from the Monday after his final show (June 18, 2007) until the Friday before Drew Carey's debut as host (October 12, 2007), when the season 35 finale was re-aired . During his time as host, Barker missed only one taping of four episodes; Dennis James, then hosting the syndicated nighttime version of the show, filled in for him on these shows in December 1974 . After he became a noted animal rights advocate in 1981 shortly after the death of his wife Dorothy Jo, Barker signed off each broadcast, informing viewers with the public service message, "Help control the pet population: have your pets spayed or neutered ." Carey continued the tradition upon becoming the new host . </P> <P> On October 31, 2006, Barker announced that he would retire from the show at the end of season 35 . In March 2007, CBS and FremantleMedia began a search for the next host of the show . Carey, who was hosting Power of 10 at the time, was chosen and, in a July 23, 2007, interview on Late Show with David Letterman, made the announcement . Carey's first show aired October 15, 2007 . Barker has made several guest appearances since Carey took over as host: on the April 16, 2009 episode to promote his autobiography, Priceless Memories; on the December 12, 2013, as part of "Pet Adoption Week" that coincided with his 90th birthday; and on the episode which aired on April Fools' Day in 2015, hosting the first One Bid and pricing game as part of April Fool's Day . </P>

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