"It's an exciting time. It's something new," O'Connell said of being the show's first full-time male co-host. "It's new and it's a change. Change is good. Change is good. You have to do things that scare you and shake it up a little bit."
Following the big announcement, ET's Matt Cohen spoke with O'Connell backstage, where he opened up about his excitement to join the show.
"The ladies here, Sheryl, Amanda, Elaine, they're so welcoming," he raved. "I came on temporarily in the last few months, and they're so nice."
"I think after this year and a half that we've all been through, I wanted to have some fun," he added. "This is the first time I haven't been in underwear, in my house, in a year and a half. I just wanted to have a good time, and I think that's what we're gonna do on The Talk."
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When asked what he thinks he'll bring to the daytime talk show, O'Connell praised his co-hosts once again, explaining that he only hopes to add to the chemistry and talent the panel already has on a daily basis.
"What I think I enhance at The Talk is just, us having fun," he shared. "If somebody says something, or has a story that remotely makes me laugh, or that I think is funny or interesting, we're gonna hammer that. We're gonna go right in there. I think it's mostly about us breaking down the stories and having a good time while doing it."
"I think the only thing that does happen is, being a new personality on a show, viewers are used to seeing other people there," he noted. "I think it can take a while for people to get used to it... I tend to get excited and sort of energetic, and based on Instagram comments, that can annoy people."
Wednesday was a big day in the O'Connell household, with not only the announcement of the actor's new gig, but the celebration of his 14th wedding anniversary with wife Rebecca Romijn.
"I love my wife," he gushed, adding with a laugh, "It's not easy being married to me."
So, will anything be off-limits when it comes to discussing his family life on The Talk?
"I'm trying to stay married," he joked. "I'm hoping that my stint here on The Talk doesn't split us apart. That would be a bummer."
O'Connell and Romijn share twin 12-year-old daughters, Dolly and Charlie, and the proud dad joked that his girls "know everything," and will be keeping tabs on him.
"With social media, they're up on it all...they read comments and they're like, 'Dad, why did you say that?'" he admitted. "Yeah, certain things are off-limits, especially when you have daughters. I can't be a complete open book."