I was being facetious. I didn't really stop reading until I read this:

  understand that we cannot control the incoming information you will 
  disclose to our representatives in the course of entering, or what our
  representatives will remember about your entry. You also understand that we will 
  not restrict work assignments of representatives who have had access to your entry.
  By entering this Contest, you agree that use of informationin our representatives’
  unaided memories in the development or deployment of our products or services does
  not create liability for us under this agreement or copyright or trade secret law;

Sounds like a filthy, under-handed way of saying "we won't copy your code verbatim, but we reserve the right to copy your algorithm and not even give you credit for it".