There was another one in the UK about 6-7 years ago called "Joy of decks" or something. There was a bunch of hopefuls whittled down to about 5 I think who were then mentored by established djs (including Sister Bliss, Tom Middleton, (I think) Goldie & a few more that I forget now.
The prize was a contract with some agency & a slot on one of those Ibiza Rocks type line ups.
It all ended with a horribly contrived battle & I don't think any of the contestants went on to be successful, at least not in the superstar dj sense.
I think there was one called The Club (or something like that). It was about a vegas club but there was a DJing bit to it.
Oh whats that you say? You wanna out check my soundcloud?
I think an elimination style show could be cool. start out with 100 DJs who all win a spot on the show through an internet mix submission. From there, they eliminate them through various challenges and battles. The winner would get a cash prize and a national tour followed by a residency at a big club in vegas.
Some of the challenges could be things like having to mix blindfolded pulling random records out of a crate, best mix wins an advantage in the next challenge like being able to pick the genre for the following battle or choose the gear everyone has to use.
They could do team mixes when it gets down to 10 people or so. Each team of 5 gets a turntable and a mixer and has to build a 3 minute track or something.
For the top five they could spin a 30 minute set at a big club and the patrons vote at the end of the night.
They could bring on superstar DJs to tutor the contestants or teach them new tricks they have to incorporate into their sets. Maybe even have them do a short mix and the contestants have to copy it.