Hi Kaitlyn-

I changed your post from "paid" to "other" as you are running a contest with a prize, not selecting an artist to pay for a commissioned work.

And while I will neither condone not condemn such request, I will not be entering and would like to provide some reading for your consideration:
NO!SPEC
Spec Work - What is Spec Work?
Thoughts on why Spec Work is Bad and Why You Shouldn?t Do It - Speckyboy Design Magazine

-Rob A>