I for one would not watch that if you paid me, surely that is just the same as you Doom comments ie you're not involved & there is no storyline (?)
The market for that is pretty small, I also remember a show that did that but it promptly stopped after a very short run as it was, to be frank, boring. TV needs to make money for the companies involved & this format just doesn't.
Now, if you have a TV show (lets say BF1942 or something) which at the end of every episode had a battle about to start, for the next week online players fought to 'win' that battle, the next episode shown left off from there & the story went on from there until the end of the 'War' which concludes the series.
It could also be repeated quite a bit as there could easily be different outcomes every time extending the life of the show (although granted they'd need to make lots of episodes that may never get shown) When released on DVD you could choose the next episode from the menu based on who you wanted to win each battle & get a different story/ending each time.
It's like those books you used to get 'turn to page 42 if you slay the dragon, turn to 86 if you run away' only you could have a say in the story by playing a game.
You get involved, the company makes money selling the game & the TV rights then DVD sales...win-win!
Royalty cheques in the post please Mr TV Producer man
(no, seriously, I need the money..)