Michael compares the Dundies to the Golden Globes "but less mean." This is most likely a cheeky nod to Ricky Gervais (the creator of the UK version of The Office and Executive Producer of the US version) hosting of the Golden Globes.
Though Michael is right in saying that Piers Morgan took over for Larry King (with his own show) he was incorrect in saying that Larry King died. He simply retired. King died on January 23, 2021, almost 10 years after this episode first aired.
The sound effect played by Dwight on Toby's comment at the end is a part from the song ''Oh Yeah'' by Yello.