Starring comedian Tom Papa, the comedy will be drafted by King of Queens writers Cathy Yuspa and Josh Goldsmith.
The plot is said to follow a man who experiences a mid-life career change, allowing him more time to focus on his family.
Together again: Matt Damon and Ben Affleck reunite to exec produce the CBS comedy More Time With Family
More Time With Family is based on Papa's stand-up routine, as well as Damon's own experiences as a family man.
This isn't the first television producing venture for the 43-year-old Damon and 41-year-old Affleck.
Previously, the duo worked together on the reality show Project Greenlight in 2000 and Push, Nevada for ABC.
Family man: The CBS comedy will star Tom Papa 
Golden boys: Damon and Affleck become Hollywood's most celebrated BFFs when they won the Oscar for Good Will Hunting in 1998
The project began with Papa and Damon, who previously worked together on The Informant and Behind The Candelabra.
The Boston BFF's first Hollywood collaboration was in 1992's School Daze, in which Damon had a starring role while Affleck played a minor character.
The duo would reunite again on the 1996 film Glory Daze, co-starring Alyssa Milano and Sam Rockwell, but it wasn't until 1997's Good Will Hunting that the pair became bonafide Hollywood stars.
Good times: Affleck and Damon's Good Will Hunting won two Oscars
The twosome shared writing duties on the drama, as well as screen time, with Damon playing the titular part of Will Hunting and Affleck playing best bud Chuckie Sullivan.
The film was nominated for nine Oscars, for which it won two: Best supporting actor for Robin Williams and best original screenplay for Affleck and Damon.
The success of Good Will Hunting turned Affleck and Damon into Hollywood royalty and launched them to the A-list.
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