Details to be found on the website at www.bicycling.com/winabike.
I sent in some haiku. I don't stand a chance of course, but it's fun to think about, so...
Here's my strategy: If/when I win, I go for the most expensive bike allowed (up to $4,730), accept delivery, then take it to my local and offer it to them to sell on consignment. It sells, they pocket their fee, and I buy two bikes from the shop with the total value equal to the balance of the take I get on the prize bike. Bike shop gets a nice consignment fee and sells two bikes, my wife and I get new bikes, everybody's basking in the glow.