Yellow Jacket is a font similar to the Baywatch font, although not a perfect match. Best guess is that the actual Baywatch font was hand drawn and didn’t ever make it into an actual font file. But if you’re going for close, this is about as close as you’ll probably get.
It’s also similar to the Carolina Panthers font.
And if you’re really a Baywatch fan, take a look at the 79 DVD complete series collection. That could keep you busy for months.