Give Keenan Ivory Wayans credit. The man knows his television history.
The founding father of the Fox hit, In Living Color, made one of the smartest decisions of his career when it came to mounting a skit sending up Hollywood Squares. Rather than call on the most recent host at the time, John Davidson, Wayans went one step further, and called on the original master of the Squares, no less than Peter Marshall, who was doing some guest-star work back in those days, having acted on The Love Boat, among others, but at least for one night, and probably whenever they did this skit, Marshall was back in the millieu that made him an icon.
Like, hey, it's better than having Jim Carrey try to impersonate Marshall, and fail.
Look at it this way. Howard Stern tried to do a parody of Squares on his NYC-based TV show, sans Marshall, and it bombed. Badly.