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Jumping the shark implies it was better once though, and that gimmick was putrid from the get go and remained so throughout it's existence.
Anyway, I'd say normally a gimmick jumps the shark when it's over-exposed with little to no development or they just keep bringing it back for nostalgia sake. Although alternatively, having too much development can lead to it straying too far away from the gimmick that attached you to the wrestler in the first place. So it's a balancing act.
In all honesty I can't really think of a gimmick that jumped that shark for me at this moment. The only ones that are coming to mind are ones whose gimmick I just didn't care for at first, and then quickly became an annoyance. And while that fits the definition feels weird throwing out gimmicks I didn't like in the first place.