Fan of fanboys - I think in theory it's sound but not sure about in practice.
Who would join this show? Ideally ex-UFC fighters that are still potentially UFC caliber. Where are most those guys now? Most likely in another org. So have those contract issues. And if fighter does not sign with another org or gets out of current contract but then fails to win in house it would hurt resigning with one of the other orgs out there.
I think with the rate that UFC is cutting guys now, they could let it be known ahead of time that they plan on doing a comeback season, so when they are about to release some bigger known dudes, just let them know that they could get on the show.
But I also don't think you could give someone who wins a title shot nowadays. Maybe throw them into a #1 contender fight, but directly to title shot might be a bit much depending on the fighters and the division.