Before I offer my suggestion, I want to tell you, Bryant, that this is a marvelous idea. It made me think of when I posted a wish that there was an alternative to American Idol. I don't know what exactly you have in mind, but--WOW. The prizes for this contest in particular are fantastic!
are the contests to be limited to CherryTap members?
One suggestion: A video contest, with a prize of having the winning film shown as a featured short (You know, like that little birdy cartoon we've seen before a lot of movies in the theater--the one where they're all sitting on a wire and make fun of the stork and they end up getting sproinged from the wire when they peck him.) Another prize could be a paid three month course at a prestigious film school.
another: a short story/poetry/first chapter contest. (Okay, that's three different contests)
The prize could be a session at a workshop with Chuck Palahniuk (I think he has them regularly)--and the community and contest could be advertized on his website (
http://www.chuckpalahniuk.net/).