The basic setup is this.
"The series takes place in a fictional re-imagined version of New York City called Sternbild City, where 45 years before, individuals with superpowers called "NEXT" started appearing and some of them became superheroes. Each of city's most famous superheroes work for a sponsor company and their uniforms also contain advertising for real-life companies. Their heroic activity is broadcasted on the popular television show "Hero TV", where they accumulate points by each feat accomplished and the best ranked hero of the season is crowned "King of Heroes"."
Since corporate sponsorship is such a big part of the show, it should be worked into the game, too. One way too do that is to have the character's sponsors be the player's favorite junk food, or favorite brand of sneakers, or whatever. So if you have a gamer who is always drinking Dr. Pepper that could be her sponsor. If another guy always wears Nikes that could be his sponsor. Etc.
To complicate matters further, if you have a regular group of players you could have each one play both a superhero and the corporate rep of another player's sponsor. So not only will players be competing against each other for ratings on Hero TV, they can make life miserable for each other by having their corporate bosses making demands on them. Handled right that could lead to some very entertaining situations.
As for which rules to use, just pick your favorite superhero RPG and go with that. There are plenty of good free rules you could use. There's D6 Legend, the generic, OGL version of WEG's old DC Universe RPG. There's also John M. Stater's Mystery Men! which is based on OD&D, or the 4C System, which is a generic version of TSR's old percentile-based Marvel Super Heroes Roleplaying Game. And then there's Tri-Stat dX, which is the generic version of GoO's short-lived d10-based Silver Age Sentinals. And there are many more.
So grab your dice, pull on your tights and try not to embarrass your sponsor.