Round One ("Who Knew It?")

A question is posed, and the studio contestants must predict which of the three "savants" gave the correct answer. A correct prediction earns $100. Three questions are asked in this round, and sometimes two "savants" will have answered a question correctly. Sometimes, as an aside, Nicotero will call for a wrong-answer clip to be played, to add humor to the show.

In studio contestants are allowed to pick the same "savant", if they wish.

Round Two ("Who Blew It?")

At the start of this round, before gameplay, Nicotero would interview the in studio contestants, with the in studio contestants, usually revealing something unique or special about them.

This round, is similar to the first round, but the object is to predict which "savant", gave an incorrect response; for each question, only two of the "savants" are considered (one of whom answered correctly), and correct predictions are now worth $200.

Like in the first round, in studio contestants, may wish to pick the same "savant".

Also, a Dunce Cap is in play in Round Two; Once the question is posed, an in-studio contestant can hit their dunce buzzer, if he/she thinks that his/her opponent does not know the answer. (The in studio contestant that wishes to "dunce" the other contestant, can hit the dunce buzzer during anytime Nicotero is speaking and presenting the question; however, the in studio contestant that was "dunced", will be given the question in its entirety.) The contestant who hit the "dunce" buzzer, (or if both contestants hit the "dunce" buzzer, whoever hit it first) usually placed the Dunce Cap on the contestant who was "dunced". The in studio contestant that was "dunced", must then answer the question within 5 seconds. If the contestant gets the question wrong, $200 goes to the contestant who hit the "dunce" buzzer. However, if the dunce does know the answer, then the contestant who was "dunced" gets the $200, and is allowed to place the dunce cap on the contestant, who hit the buzzer originally. In either case, the cap must be worn for the remainder of the round. Also, only one dunce cap opportunity is available.

Round Three ("Pick Your Pony/Brain")

The third round saw the two contestants choose one of the "savants" to work with for the entire round. The round was known as "Pick Your Pony" for the first three seasons and "Pick Your Brain" in the final two seasons. The in studio contestants must each choose a different "savant." The in studio contestant that had the lower score, (or if scores were tied, the in studio contestant that won the "preliminary tiebreaker",) has priority in choosing which "savant" they want. The other in studio contestant then made a choice from the remaining "savants". The third "savant" that was not chosen, is absent for this round.

Unlike in the first two rounds, the in studio contestants do not have free roam on deciding which "savant" to predict what their response will be. The in studio contestants, are tied to only that "savant" they chose priorly.

Also unlike the previous rounds, in which all "savants" were asked the identical question, Nicotero asked oblique individual questions to the "savants", and each in studio contestant, were given a separate individual question, for the "savant" they chose.

The in studio contestants must predict, whether the "savant" they chose, gave a correct, or incorrect answer. Three questions are asked of each contestant, for a total of six in the round. Correct predictions are now worth $300. The Dunce Cap is back in this round, regardless of whether or not it was used in the previous round. Once again there is one dunce per round, but dunces are now worth $300.

The "right" reference is indicated in green; the "wrong" reference in red.

Final Round ("One Final Question/Wager of Death")

Before the final commercial break, Nicotero, revealed the final question he asked to each of the three "savants" he interviewed. This question was remarkably always usually an obscure slang question, or a trick and/or indirect question, in which the chances of someone giving a correct or incorrect response, were equal.

During the commercial, the contestants each choose, in secret, 1) which "savant" they wish to pick, 2) whether they got the question right or wrong, and 3) the amount of their score that they wish to wager. A correct prediction adds the contestant's wager to his/her score, while an incorrect prediction loses the wager. High scorer at the end of the game keeps their money, and, in season 5, has the opportunity to risk their winnings for the possibility of a slot in the season-ending Tournament of Champions (see below). An exception to this rule occurs when celebrities play for charity: the winning player's charity receives the money won, with a minimum of $1,000; the losing player's charity receives $500, regardless of the actual score.

The contestants may pick the same "savant". The "savants" that were not chosen, are absent for this round. During the credits roll, the answer to the "Wager of Death" question, from the "savants" not picked, regardless if they gave a correct, or incorrect response, were shown to the audience.

The theoretical maximum win on Street Smarts was $4,600, this required getting all predictions right, an all-in bet on the "Wager of Death," and winning both "Dunces."

Tiebreaker

If the game ended in a tie at more than $0, one final question was asked to both studio contestants. The first player to buzz-in chooses to either answer the question or pass it to his/her opponent. If the buzzing player chooses to answer, he or she must answer based on the information given to that point; if he or she passes, the other player is allowed to hear the entire question. A correct answer by the responding contestant wins the game; answering incorrectly awards the game to their opponent. The tiebreaker only takes place if the players have money; if both players have $0, then the game is over and nobody wins.

In all celebrity episodes, the game ends in a tie and both charities receive the same amount.

Set design

For the first season of Street Smarts, the contestants sat in chairs and recorded their answers in the first two rounds using a mechanical trilon and a Right/Wrong paddle for the "Pick Your Pony" round. For the Wager of Death, the contestants would write their wagers, their chosen savants and predictions down on writable flip cards. Meanwhile, television screens positioned next to their chairs would show the score.

Beginning in season two and continuing for the remainder of the series, the contestants stood behind a desk for the whole show and recorded their answers by way of pushing buttons.