Have some self-respect. If this was any other profession, a contest like this would not be tolerated. If people get the idea programmers work for free, as long as you have a clever contest, that idea becomes popular and it's bad for all of us in the long run. The fact there's lots of prizes here doesn't change the underlying problem. Contests, in any field, devalue the profession.
Even if I was a high school teacher (winning this might look good on a resume) I would still tell my students to avoid contests because: Why work for free when you can work for money and have an even greater feeling of accomplishment? When I was in high school (20 years ago) I had paying clients and paying subscribers and had won programming contests and I still value the real-world work experience more than the contests.
As someone who won lots of contests in school: sometimes they are rigged, often the prizes never materialize, often it's free publicity (great photo opportunity) for whoever organized the contest. Live and learn.