Why not try a weekly PPV internet program like the early days of TNA but on the internet? If promoted right through social media it would probably do decently well.
Back in 2002 when TNA started, people were pirating things as often and PPV was something important. If they were to do anything thats non-TV, I would try to get Youtube to give them a distribution deal and promote the show through Youtube. It's the most viable and cheapest option out there if you think about it.