AUDIENCE: Continued fans will stay, but college students and interested high school students across the country will tune-in to view and support their peers; not to mention the supportive parents and relatives.
COMPETITION: College students could compete for scholarships to finance undergraduate/graduate school tuition/room/board/loans; admission to choice graduate school; Trump internship; etc.
CHARACTERS: The potential for drama, relationships, and conflict are endless. There's the Jock, Greek, Hippie, Designer, Bookworm, Geek, etc. Also Science vs Arts Major, Public vs Private School, University vs Trade School vs Community College, etc.
MERCHANDISE: College students spend a lot of money as a demographic; when trends catch on in a campus community everyone buys in.
OTHER INCENTIVES: Students can compete for status, resume builders, post-college jobs, work experience, etc. Universities can also gain publicity and financial support from different angles, etc.
ABOUT ME: I'm a student at the University of Washington who started this discussion topic for one reason: to entice NBC to create Season 8, "The College Apprentice". Personally, I would love the opportunity to compete on The Apprentice, and I know thousands of other college students would as well. I firmly believe this is an excellent idea where everyone benefits, and would generate a lot of excitement in America's younger generation of TV viewers.