TUF is a totally dead concept, but there's just enough people who are watching it for Fox to give the UFC a rights fee, which keeps it sustainable to keep throwing seasons out there.
This would be my idea: instead of trying to develop sixteen fighters at once (most of whom are doomed for irrelevancy anyway), they should pick one (IE: CM Punk, Sage Northcutt, etc), and train them for (up to) five fights.
- If they win one fight, and choose to stop there, they get $25K, plus a 33% off coupon on the Reebok e-store (shipping excluded).
- If they win two fights, and choose to stop there, they get a UFC contract and start at the bottom of the division (similar to DWLFAF).
- If they win three fights, and choose to stop there, they start in the middle of the division (better money contract than second option).
- If they win four fights, stop there, they start just outside the top ten (and for significantly better money than last two options)
- If they win all five fights, they get a title eliminator bout in the UFC, and co-headline a UFC PPV (for obviously exponentially more money).