The eight-episode, hour-long series will air in late-night (11 p.m. EST), starting Jan. 29. Emmy-winner Burnett was also behind "Survivor" and "The Apprentice."
The series is a joint production of Burnett's company and AEG, which operates top-tier sports arenas and stages events worldwide. "Toughest Cowboy" is the first series to come from a co-production deal between the two.
The 12 competitors must ride in three dangerous disciplines each night: bareback riding, saddle bronc riding and bull riding. One competitor will be cut each week in a sudden elimination bull ride match, with the ultimate Toughest Cowboy Champion winning the deed to a spectacular ranch in Wyoming.
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John Griffin, vice president of programming at Spike, said: "Rodeo will be the perfect complement to our Thursday lineup following TNA wrestling." Burnett added that the cowboys take "unbelievable risks every time they enter the arena."
Rodeo does seem to be gaining traction as more than a niche sport; networks such as ESPN and Versus cover it.
Spike TV, a division of MTV Networks, is available in 97.7 million homes.