I only see two ways of this even remotely working;
1: Making the TV-show revolve around canon, filling in the bits and pieces of story that players are missing while playing the game. This would also serve as a tool to get players psyched up for upcoming content, keeping them interested to discover more of the game and play further. Or simply having people think "Hey, I was totally there when that boss was killed/city was raided, sweet reference"
-In this situation, the influence players will have on the show would be fairly minimal, maybe writing in some guild/clan names or characters from the game for an episode or two. Grand-scale player-organised events might make it to the show, but those are quite server-bound.
2: If the TV-show actually revolved around ingame activity, say following a raid, a leveling character, a PvPer or whatever.
Just think of how many videos are constantly being uploaded of MMO raids, tactics, tutorials, arena battles and so on. Even video blogs of people talking about their MMO. And how much time people spend watching them next to playing the game.
-The problem here would be that the show would (for lack of interesting activity on most accounts) follow a minimal amount of players, creating the same sense of elitism and hate revolving around current high-end guilds. "stfu, I was on telly" or "tv fags think they is bettr den me" come to mind.
Entertaining the idea, and assuming they've somehow managed to combine their sugar, spice and everything nice to create the perfect little... errr.. TV-MMO. Managing to find the right balance between an interesting show and a good game, and having enough content to keep the show fresh for plenty of seasons, I figure there won't be much of a problem keeping either one up, since they would be sustaining each other.
The people playing the game would watch the show for obscure reference of their achievements, or just because they're immersed in the game's world and the show is a part of it, no matter how repetitive or bland the show may get after a while. If enough people play the game, more will join, if anything, just to see what all the fuss is about.
People watching the show would play the game, just because they like the show and they want to be a part of it. If the show actually manages to be interesting on its own as well, it would keep drawing in more and more players.
That being said, I doubt this will last any longer than it takes for the novelty to wear off or for people to realize either the show or the game is horrible.