In the sketch, Bob plays an explorer named Faversham Svedwick who trudges through the jungle, swims the ocean, and sprawls his way through the forest looking for Kermit. His appearance gets more and more worn as he continues, tattering his clothes, and befriending a dead fish he names Norman.
After twenty years, he finds Kermit the Hermit living among the brush. The explorer confirms that he is indeed the Wisest Man in the World, and tells him he's climbed the highest mountain and crossed the widest desert to tell him something: "You're it." The two engage in a game of tag.
In the original script, Bob asks Kermit what the meaning of life is. Kermit responds: "A-B-C-D-E-F-G-H-I-J-K-L-M-N-O-P-Q-R-S-T-U-V-W-X-Y-Z." Bob becomes irate, telling him that's just the alphabet. Kermit, unaware of this, hands Bob his staff and declares him the new Wise Man of the Forest.