If you’re creating a competition format, focus on writing a synopsis of the “arc” of the series that describes how the competition works and progresses over the course of the season. This may involve the elimination of contestants based on competition or choices by judges or other person, or it may involve points or votes awarded that lead to a single winner each episode or at season end.
Although most companies do not take unsolicited pitches, it is still critical that you make efforts to find direct connections to development executives and producers at production companies. Some will take a pitch submission, and most will require you to sign a “Material Release Form” which acknowledges their role within the creative TV Industry and the fact that they may already be working on a similar or identical project, and therefore have the right to produce such.
A standard production deal for a TV show idea should include an on-screen “Created by” credit, some form of production credit, a per-episode fee (usually a percentage of the show’s per episode budget), and small percentage of the production company’s profits.