older seadoos had a bearing setup that makes the transtion thru the hull
this was ok unless you forgot to grease this and the bearing would sieze to the shaft and would prevent the engine from turning or worse rip the boot off the hull and then you would sink!!
the new setup uses a accordion boot to put genty pressure to the carbon seal which inturn seals against the slip ring which is kept in place by the c-clip
onto the drive shaft, the slip ring does turn at engine speed,
the slip ring also has a coulpe of o-rings on its inner surface to keep water out.
they can be a bear to remove if they have been in place for awhile
what ya do is grab slip ring and pull to the rear of ski, towards the carbon seal
this will expose the c-clip, then you just pry out clip and let slip ring move forward towards front of ski.
the carbon seal does wear after time and will let water into hull if it gets too bad, also if the slip ring is not running true to carbon seal ,this could mean the engine alingment is off a bit.
never really should have to mess with this unless water intrusion in present
or your replaceing the shaft or pulling the engine.
remember to leave the pump in before trying to slide slip ring back or the shaft will move with the slip ring and you wont get the clip out.
mud