The reality show, whether it's The Amazing Race, The Hills, or The Real Housewives of Atlanta, will go down as one of the greatest pop culture gamechangers of the last ten years. I find it interesting that while we have lots of books by reality show contestants out there (don't get me started on Lauren Conrad), we really have yet to see a great literary work that portrays the fractured psyche these people must possess from having their lives and interviews edited into storylines for mass consumption.
So, why not do it yourself?
Write a story from the point of view of a reality show contestant. Show the effects the show has on the person, their fellow contestants/castmates, and their family and friends and how drastically their lives change.
Change always has inherent conflict, so focus both on that conflict and show us the difference between that person's multiple personalities - their original one, their show one, their real one after fame, and what happens to them when the spotlight disappears.
So, yeah, tragedy might be in order. Just don't kill everyone at the end like the Greek playwrights did.