Heck. While I'm not a fan of reality shows and this one would be more grisly than most, it would attract a high viewership and networks could afford to pony up this cash. No matter how much torture supporters label this a "cheap stunt", it will get its point across.
Obviously, there are serious issues here. Lots of lawyers with lots of legal documents because you are, at its heart, agreeing to hurt people. Of course, the sort of people who you would target are the sort of people who are claiming this isn't torture, so theoretically they would not have a problem with this. But most, I suspect, would be cowards. Even with lots of money dangled in front of them. I suspect it would be like that recent incident in Mexico where lawmakers applauded the idea to test themselves for drugs but stampeded to the door when they found out it was for real.
Does Rush Limbaugh really think these are akin to "college fraternity pranks", an assessment he agrees with? There are many other commentators who dismissed these issues as "not being torture" (see first link above). Let's let 'em put up or shut up. I'm guessing you'll have hear more excuses for getting out of this than they did for getting out of Vietnam.