This is a horrible idea if true.
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It could work if they hand picked about 10 popular members from disbanded/hiatus groups and had them compete by forming different groups every week, and then voting for individual members. Like a mix of The Uni.t and Queendom. Maybe use a different show name.
Hard to actually get 10 popular idols for the show, though. Same problem that Queendom has: They can only get B-list queens. A-list idols (even former A-list from disbanded groups) probably wouldn't benefit from being on the show.