nah, if it's anything like the "TV" for other games the design is specifically to allow thousands to spectate without lagging the match server one bit. Basically the match server streams a "live" demo/replay onto a TV-hosting server which then hosts all the spectators (or connects to a dozen other TV-hosting servers to spread the load).
The end effect is connecting a match to TV takes up resources on the match server equivalent to only a couple of players. But, for the spectators it feels like they are on the same server as the player.
It's really good functionality when you have good tournaments. For these you might get a shoutcast (online 'radio' commentary) too. I consider watching Infensus disarming the dynamite in RTCW at QuakeCon one of my most memorable gaming moments.
This comment was edited on Jan 16, 14:28.