Yes there are 2 deadlines for it, One is June 7th and the other is July 7th,
The competition runs from the 7th of May to the 7th of July.
The Player prize goes to the page that is ranked #1, one month after the competition commences. They will receive an Apple Mini iPod™ valued at $249 shipped to them within 72 hours of judging.
The Stayer prize goes to the page that has the #1 ranking on the 1st of July. They will receive a Sony Flat Screen Monitor valued at $549 shipped to them within 72 hours of judging.
More information here:
http://www.darkblue.com/seochallenge/ Prizes are not too fancy but it is a lot of fun

, One of our site was in Rank 11 till yesterday but got booted after the google data reshuffle, Should be back tomorrow around the same rank

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Interesting- the current #1 result has 31 internal links of the 37 showing (only 6 are external) and a total of 42 reported.
the competition started only on May 7th so it is difficult to tell what their backlink is, Should be visible in the next backlink update, I know One site has about 50,000 links and couple of other all 1000s of links, Some top link Specialists are in the competition,