"The Smartest Guy in the Room" is literally about the smartest guy in the room, and the room contains three guys. They are Randy, Terry and Guy, three regular-looking guys whose IQs are 143, 148 and 151 respectively. And no, Guy doesn't win by default.
Although this is a competition show, only the three guys are competing--against each other. And there are no prizes for winning, except bragging rights. The format is similar to those trick-shot pool competitions you occasionally see on TV: One guy challenges the others to solve puzzles within a specified time limit. They get a point for each puzzle they solve. If they cannot solve a puzzle, the puzzle presenter gets a point. Each episode has its winner; the points do not carry over to the next episode. Sometimes the guy who devises the puzzle participates or at least demonstrates that a puzzle is solvable.
The format would not work if the guys were annoying or detestable. These three are fairly easy-going and affable. Terry asserts that he is the most competitive guy and will win. But that's as far as the arrogance goes.
The puzzles they bring to the game are interesting. And there seem to be no restrictions on the types of puzzles, which can involve pattern recognition, memory, music or whatever. As a viewer, you can live vicariously through the efforts of the solvers or look for a solution yourself, but some puzzles do not lend themselves to that. The time limits feel arbitrary, but they seem reasonable once you know the answers to the problems.
Maybe next season they will have a female contestant and rename it "The Smartest Person in the Room"?
If you want to see what these guys were like when they were children, check out Lifetime's show "Child Genius".
Update 1/26/16: Having seen a number of episodes now, I am upping my grade to "8". I like the variety of puzzles.
Update 3/1/16: The point totals do not carry over to the next round, but in the final episode they give you a cumulative total.