State Healthcare Exchanges as a competitive and less costly alternative to private insurance

If you were asked to design a Public Option to plug into the State Healthcare Exchanges as a competitive and less costly alternative to private insurance, what would it look like? (Describe its structure in terms of type of doctor network, deductibles, co-pays, etc.). Make sure you describe how it would be financed and how its benefits would compare to private options already available on the exchanges What effect would it have on private insurance products already available in the exchanges?