It was bad enough that the All-Star edition of the hit series Survivor was a dud (that seems to be the general consensus on our active Survivor discussion board, at least). Hopefully, CBS will learn its lesson. Former reality show contestants that are hungrier for camera time than a million-dollar paycheck make for bad television.

To make matters worse, CBS milked the show one extra week by getting the cast back together last night to award a second million-dollar prize to fan favorite Rupert.

A million dollars isn't necessarily what makes for compelling programming. General Electric's (NYSE:GE) NBC had viewers glued to The Apprentice for what amounts to a $250,000 payment for a year of servitude to Donald Trump of Trump Hotels & Casino (NYSE:DJT) fame. Over at Fox (NYSE:FOX), young adults dream of stardom of William Hung proportions as they sing their hearts out on American Idol.

Sure, CBS parent Viacom (NYSE:VIA) has a lot of good things going for it, but just as surely, that cool million could have been put to better use. So, here are six things that Viacom could have done with the money.

1. I know Viacom is unhappy with how its investment in video rental giant Blockbuster (NYSE:BBI) turned out, but that money could go a long way towards paying off two or three of CEO Sumner Redstone's late fees.

2. MTV is no longer hip? No problem. Hook up with Lakes Entertainment (NASDAQ:LACO) for a new competitive music series, World Polka Tour!

3. How about a better dividend than that paltry 0.6% yield? If not, how about springing for countless thousands of Motley Fool Income Investor subscriptions to enlighten your shareholders?

4. Dust off Paramount, Star Trek, and William Shatner in one fell swoop by producing the next sci-fi epic, Star Trek or Treat: The Wrath of Khandy.

5. Nickelodeon has always scored well with the younger set, but aren't those Rugrats getting a bit too old to be in diapers? A million bucks would do wonders when it comes to animated wardrobe.

6. Give me the million next time. I will lock my set on CBS, smash my remote control, and never leave the couch.

Munarriz ... out!

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Longtime Fool contributor Rick Munarriz is just glad that Amazing Race is returning for another season this summer. He does not own any of the stocks mentioned in this story.