This is based on Artur Riazanov comments and the links he provided:
The Polynomial heirarchy defines a family of comlexity classes:
https://en.wikipedia.org/wiki/Polynomial_hierarchy
The classes can be defined recursively by augmenting turing machines(or Non deterministic ones) with an Oracle for solving a complete problem from a lower class.
Let $P^A$ be the set of decision problems solvable in polynomial time by a Turing machine augmented by an oracle for some complete problem in class A.
$NP^A$ would be the same but with a Non deterministic machine.
And $coNP^A$ would be same with the complement.
The herirarchy then be defined to be
$\Delta^P_0 := \Sigma^P_0 := \Pi^P_0 := P$
$\Delta^P_{i+1} := P^{\Sigma^P_i}$
$\Sigma^P_{i+1} := NP^{\Sigma^P_i}$
$\Pi^P_{i+1} := coNP^{\Sigma^P_i}$
When we say the polynomial heirarchy collapses it means we don't produce stronger complexity classes by going up but it stops at the 3rd level with everything being equal. $\Pi^P_3 = \Sigma^P_3 = \Delta^P_3 = PH$
PH being the union of all complexity classes in the heirarchy.
It has been shown that if an NP-hard random self reduciable problem exists the polynomial herirarchy collapses to the 3rd level as explained.
This can be used as an argument against the existance of such a problem.
A collapse at a lower level would be more interesting and surprising, e.g is Co-NP=NP we get a collapse at the 2nd level and PH=NP. A lower collapse still would require P=NP.