This got brought up in the CL forum already this morning. It's a fabulous prize. Make sure you read the rules when submitting - there's a clause that says:

"In consideration for reviewing
your submission, you hereby warrant that you hold, and assign and convey, all rights in
the submission (including copyrights, trademark rights, and patent rights) to Sponsor
free and clear of all liens, claims, encumbrances or further payment obligations."
So even if you don't win, you're giving them your work. However, for a chance at $10,000 that might well be a risk worth taking. Let people know if you're participating!