In a nutshell, O’Keefe is saying that the 'Sexcapade Boat' Prank would have been much more mild and less threatening then outlined in the document; the document not written by him in the first place instead pitched to him.
"In my version, the reporter was never going to be placed in a threatening situation. She would have had to consent before being filmed and she was not going to be faux "seduced" unless she wanted to be. If a CNN reporter would be willing to engage in such a folly, it might even be more newsworthy than Rick Sanchez’s firing. (CNN also has Elliot Spitzer on payroll. He’s done more outrageous things than anything I’ve ever gotten in my in-box).
The sexually explicit document CNN is now “reporting” on was never going to be implemented as written. She saw how I was dressed that day, with my usual blazer and collared shirt. In the document she reported as being “authentic,” I was supposed to have been dressed with my chest exposed, slicked backed hair, with gold chains. That ought to have been a red flag the document was not a reflection of my true intentions. Ms. Boudreau was never going to be put in the bizarre situations outlined in the document CNN reported."