several thoughts wrote:
Sounds like a great way to create an American "farm system" for T&F that provides a little bit of money and a possible stepping stone to the Diamond Leagues and Olympics.
$500K doesn't sound like a lot of prize money for the whole series when you're considering 36 athletes on each team and probably 4 meets with 21 events (3 sprints, 5 distance, 2 hurdles, 2 relays, 4 jumps, 4 throws, 1 decathlon as in NCAA). The prize breakdown might be $125k per meet, and then $6k per event, such as $3K for first, $2k second, $1k third, but that doesn't allow for team prize money. Granted, some could double dip on sprints or relays or such, but it doesn't sound like it's enough money to quit your job and do full-time. But it's a start.
Sprinters already have a farm system in L.A., Florida, and Texas.