Fall Guys is always literal in its name. Sometimes the unrelenting chaos means that most players are gently bumped to the ground. No worries though -- you can't skin your knees if you never had any in the first place.
Other times, the fall is much more severe. The Fall Guys will go plummeting into the abyss never to be seen again. Actually, they make one more appearance. They get unceremoniously booted off the end-of-round gameshow stage. One last fall.
In Fall Guys' upcoming update, an abyss-plummeter gets added to the mix. Jump Showdown, which was available in the beta, is the newest permanent fixture to the Fall Guys lineup. It's a simple obstacle course made up of counter-twirling beams and falling platforms. This tweet provides a good visual aid: