Joe lost the skate-off to fellow funnyman Keith Chegwin at the end of the Love Week themed show on Sunday night.
Joe and partner Vicky Ogden skated to 'I Started A Joke' by Robin Gibb, while Keith and his partner Olga Sharutenko danced to 'This Day' by Elbow.
The charismatic contestants have been friends for over two decades.
"You're both adorable - I want to squeeze both your cheeks! But tonight I'm saving Keith's cheeks," judge Ashley Roberts told them.
Joe said: "It's a shame, but when you watch the shows back and everyone says there must have been highs and lows - I haven't had any lows the whole time, it's been all highs."
When asked if there had been any rivalry between himself and Keith, he said: "The only competition I've had over the past five weeks has been with myself."
This day is about five weeks too late, I think!
Before the results, Jayne Torvill told him: "If that was your last skate you should be very proud."
The four judges unanimously said they wanted to keep Keith in.
Head judge Robin Cousins told him: "I don't think there was one person in this room or at home who didn't have a good time watching you on the ice.
"You're just moving with such confidence now, it's just lovely to watch."
Robin said he showed much better technical skills on the rink than Joe.
Former rugby star Gareth Thomas topped the leaderboard, while Olympic bronze medal-winning gymnast Beth Tweddle came second after performing the dreaded 'headbanger'.
It was another disappointing week for Coronation Street star Samia Ghadie, who judge Jason Gardiner said had now "plateaued" after a promising start at the beginning of the competition last month.