I particularly like your black, white and red one!
Our LQS had a similar UFO challenge last year from Sept thru end of May. You paid to enter your UFO, and then the one with the most "points" (based on size of project, you got more points) won the pot of $$. I was thrilled, as it was a win-win for me with lots of projects done and then winning the $$.
They're doing it again with a slight change in the rules. And now I'm looking forward to getting more UFOs done. I thought I was getting ahead of them in the spring ... and they've built right up!