Although it was cancelled a few episode ago, The Naked Truth won a ASCAP Award on ASCAP Film and Television Music Awards in 1998 for Top TV Series. It was also the only nomination or award ever received for this show.
According to Executive Producer Michael Saltzman, This is the last show of the series and was meant to either be a cliffhanger -- if the show returned or an appropriately metaphoric "up in the air" ending for a series that was never really given a consistent shot at success. I suppose they all die at sea. But if the "one year later" tag at the end of "Day of the Locos" is true, they must have found a way to survive, after all.