It's quite simple. One person states an achievement, and the next person gives them a reward (awful or awesome).
Example-
Person 1: I defeated Seerus and the rest of the Crimson Order single-handedly.
Person 2: You're awarded Seerus's dead carcass.
I'll begin.
I won the school talent show!
The first place reward is a bucket of frogs. Whether that is prize or punishment is up to you.
Classic rock finally kicks garbage pop in the teeth, bringing the music industry into a golden age where music is about music and not egotistical fodder or indulgence in personal pleasures.