Well I was thinking of the training aspect as well.
Competitors could secure different trainers who do the diet and all, so it is an all out competition with them as well.
The audience can get involved with voting and of course the usual antics. Everyone could learn different techniques and ways people are getting in shape as they are all posted.
Leagues could be created where you are required to compete,no matter what your shape is, so you could have a yearly standing. You win some, you lose some,every competition would be interesting that way. People could either choose to hold their conditioning and rack up points, or come slightly off while trying to gain more mass,but placing second and so on and then taking a few firsts for an overall point standing win. This is where the strategy element would come in.
I have so many more possibilites. Its endless....