This right here, figure out a formula to generate some interest. Maybe a weekly show showing progress up to a contest a la a reverse biggest loser, where each week 3 people are followed around and there is a reveal in the posing room at the end of the weekly episode. Pumping Iron kinda followed this format.
Of course, I also think that if they just stuck on a workout show reboot of that one with Haney and Valenti people would watch it and it'd get similar ratings as the old one. People will watch because it's on.
Again, you're not coming up with anything new. Vince McMahon tried this 25 years ago with the WBF.
Great bodybuilders, excellent production, profiles of the competitors, celebrity MCs, quality judges (all former competitors, including former Mr. Olympia, Chris Dickerson), dancing girls, highest prize money in history at that time (first six-figure prize money for the winner), etc.
WBF Bodystars didn't last six months. Heck, they revamped it to just "Bodystars", with features on everything from rollerblading to Olympic kayaking, with a WBF bodybuilder not featured until the very end of the show.