The cynics and trolls will attack the idea that it's impossible. Ignore them of course, it is possible but it will not be perfect, and it must be open about it not being perfect. The pragmatists have the more valid pushback: implementing such a solution is still too difficult, too expensive, it will take too long and it may crowd-out remaining journalists who are still in business while discouraging other solutions coming forward.
I think it can start small. It has to. But the seeds how this could work can be seen in organizations like C-SPAN, National Public Radio and Wikipedia (Yes, Wikipedia is also not perfect but it's pretty damn good and arguably better than for-profit journalism right now in terms accuracy and staying close to the center on stories). Expanding on those models has potential if support for doing so can be rallied and the idea can be paid for.
Who knows, this could turn into a US version of Pravda, if it even gets off the ground. Maybe. But when current journalism is already a biased disaster still going out of business, what's the harm in trying a little experiment and giving other options like this a try?