For those who are worried about the contest, and the fact you relinquish copyrights for that one game, consider this:
You sacrifice the rights of one game, but they don't own you.
What you get in return is millions of people playing your game. Forget monetary compensation. As a true game developer, money compensation should be the last thing on your mind. After all, doesn't the joy of just knowing millions of people are playing your game matter more?
Also, did you ever think about that maybe other game developers out there will see your work, and ask who made it? Escapistmagazine.com doesn't strike me as the kind of website that backstabs their fans; I am sure if the developers wanted to know who originally created the game, they would ask EM.com who made it. The whole theme of this contest is based around ZP. This is a guy who has made 101 videos for the fans. Without you guys there would be no ZP show. Without no viewers there would be no point in continuing, thus no more ZP, thus no more high traffic for Escapist.
They gain nothing by "stealing" your game, if that's what you are worried about. EM.com as well as the future of ZP depend on the fans. All it would take is for EM to actually steal the game and claim that they created the entire thing for the fans to realize how they really treat their fans. Truth be told, Stealing the game kills the future of the website. It would be a dumb mistake altogether.
Basically it boils down to this:
You developed the game, and they will let the world know it; but the game won't be "yours" anymore. Consider it an investment towards becoming more renowned as not only a developer, but all the extra doors you will open.
The sacrifice of one game and the reward is instant infamy and possibly one step closer to working for the big dogs.
That's how I see it.