Will Ferrell and Adam McKay, the duo responsible for "Talladega Nights" and "Anchorman," are taking their comedy to the small screen.

HBO has given the go-ahead to a pilot from Ferrell and McKay's Gary Sanchez Productions; it's the first TV project to be greenlit for the relatively new company. The two will serve as executive producers of the show, according to The Hollywood Reporter.

Formerly known as "P.E.," the currently untitled show will follow a washed-up ballplayer (Danny McBride) who returns to his hometown and takes the only job he can get: substitute gym teacher. HBO reportedly paid a hefty price for the project, which was the subject of a bidding war among several networks when Ferrell and McKay shopped it last fall.

McBride also co-wrote the pilot with Jody Hill and Ben Best, and Hill will direct it. The three are also behind the feature film "The Foot Fist Way," which Gary Sanchez bought as part of its deal with distributor Paramount Vantage.

Ferrell and McKay also had a pilot project at FOX, a comedy called "Church of Steve," earlier this development season, but it didn't go forward. The two will next team for a feature called "Step Brothers" that's slated for release in June 2008.