The Bad Guys
It would be a sitcom about a bunch of third-stringer villains competing in a reality show to get a full pardon. As bad guys go, they are pretty much the type of guys whose idea of truly evil crime is turning a bank's cash into sticks of chewing gum, or controlling all of the city's houseplants to create a plant army. A couple are just wrong place, wrong time types, who maybe got their powers and the first thing they tried to do was rob a bank where America's man superhero team does their checking.
The reality challenges they have to face are basically heroic tasks mediated by a different guest hero each week. Basically, the idea is that these heroic challenges will prove their ability and willingness to reform and re-enter society as a productive cape. The heroes are all iconic figures, but are often just as absurd as the villains.
It all takes place in The Lair, which is a vast complex twenty floors below sea-level, outfitted with surplus alien holographic technology like the X-Men's danger room.
Most of the show would take place behind the scenes, like Big Brother After Dark.
"You must be proud, bold, pleasant, resolute,
And now and then stab, as occasion serves."
Edward II: Act 2 Scene 1, by Christopher Marlowe