Two teams are assembled that each comprise of the population from one state/province in the world. If more are needed to balance out teams, people from bordering areas will be added to teams. Each team is representing their country. Each participating country must pay an entrance fee of 35 Billion dollars (to be altered depending on the cost of this venture).
Each team is relocated to an island, where they are equipped with proper food and water supplies to last them as long as it takes to complete the objective. They also receive three battle ships, as in full size, fully functioning up to date warships. But there is a twist- each ship is only equipped with paintballs.
Every gun fires paintballs, every cannon/turret on the deck fires giant paintballs. The objective is simple: infiltrate the enemy base, and capture their flag, then return it to your base. Eliminate opposing forces as need be.
No respawns, amount and severity of hits is judged and determines how "damaged" vehicles become. All manner of equipment is provided, and these teams must elect leaders, organize and plan, and work together to defeat the other team.
The entire event takes place over a large period of time, and occurs once every year. Hidden and non hidden cameras stream the event live to computers and televisions around the globe, with multiple announcers for different languages. Viewer slate able to watch the studio-provided feed, with the cameras they choose to present, or may choose their own views by selecting certain cameras.
Viewers may also choose sides, and the more support each side receives, the more extra supplies and weaponry they receive. Gaining public support is the only way to receive more equipment, and can also allow for the revival of fallen comrades.
The prize: The leftover money from the entrance fee that did not find the event, and the prestige that comes from asserting your nations dominance as the nation with the hardiest, and most enduring people in the world.
And another thing: Friendly fire is on, and espionage is fair game.