I was just reading up on this game, and I must say i'm intrigued.
In fact, only eight people will ever be playing the game simultaneously, and once one of those players dies, that's the end for them; in Upsilon Circuit, you only have one life. Ever.
It will be a live game, with an audience. Only 8 players can play at once, and the players are selected from the audience. The audience will be able to interact with the players in the game. How? They'll be distributing the stats for the players, instead of the entire audience watching the player go through menus, he will only focus on gameplay, while the audience decides his fate.
The game will only run for a few hours at a time, and only at certain times of the week, to emphasize the TV show aspect of Upsilon Circuit's lore - though there will be off-air "clips" and ways to recap for those who can't participate at those times. While the game is running, host Ray-Gon will interact in real-time with both the audience and players, sometimes mocking them or cracking jokes.