lol no not another SEO contest I hate them

It is a blog contest not win $10,000 one I hate them lol
It is a blog contest where all my members and any one that joins has to have the best blog story and can have a link to there site or blog also if they want as it will be the members only blogs it is an idea I have there will be alot more to it than that.
The thing is people want to win cash cash cash these days, but with me being a lad with a kid lol I am a little skint and I thought well if I am going to do this I would advertise it the best I could so sponsors might be interested in giving some contributions to the competition, that way they get there name out also.
It was that or my other idea as I build custom built computers for a living that every one enters the competition with $1 and the winner that wouldn’t be picked by me wins a full very costly computer, but then I thought what happens if only 1 or 10 enter I could be very very skint allso I find that people dont trust every one and $1 is alot to people.
Does any one have any ideas on what I can or should do?