If the show does get cancelled I think a channel like Bravo can pick this up and do it better, i.e. minus the audience and live votes and make it more like Top Chef.
Live voting was a terrible idea for this sort of talent search. It works for singers, but not for something as complex as filmmakers. I mean, with singers you're also voting for the personality: the individual performer is as much made by their "presence" and persona as by their talent. But a filmmaker is largely an invisible presence--only his/her art speaks for him, and audiences buy it or leave it. To this day, I really don't know what Spielberg is like as a "personality." I don't know that I've ever heard him say more than a couple lines on TV, and they were mainly speeches at formal Hollywood events.