A bunch of contestants (like enough for several teams) are given a bit of money, some cameras and stuff, and they have to compete to make the best reality TV show. The teams have to go out and get their own contestants, set up prizes and challenges and stuff and make their own reality show. These shows made by contestants can be about anything: cupcake baking, ghost hunting, pawn shops, whatever. The contestants on the show-within-a-show don't know the people running their shows are actually in a higher level competition. This is for the sake of verisimilitude
We follow the teams as they try to make a reality show (it's a diverse cast from all walks of life, but none have previous TV/film experience).
Each week the judges watch the contestant's episodes and the team that made the worst show has to eliminate one team member, and the best team wins immunity for the next challenge. Prize for the winner is ten million dollars or something.