The political reality show "Independent" comes with a $1 million cash prize and a catch: the winner can't keep the money.
The prize can be used to finance a run for the White House or can be given to a political action committee or political cause.
Contestants in the show, set to launch in early 2008, will meet the public and interact with supporters, protesters and others. An interactive "town hall" will give MySpace users and TV viewers a chance to rate their performance.
The show does not yet have a commitment from a TV network.
Potential candidates will audition for the show by submitting a video. Once the contestants are chosen, they will set up MySpace profiles to serve as their campaign headquarters.
The hope is that the show, with its Internet component, will engage younger voters in the political process.
"Through this new network television series and the partnership of MySpace, we're going to discover in a big way what America really thinks, and bring to light the issues that are closest to those who now finally have a chance to be heard," Burnett said.
MySpace is a unit of Fox Interactive Media, which is owned by Rupert Murdoch's News Corp.