If you manage to come up with the winning entry then CCP devs will bring it to life in EVE Online, while runner ups get cash and iTunes gift cards.
There is a 1st, 2nd and 3rd place available with $900, $750 and $500 in cash prizes respectively as well as a load of other goodies. 15 semi-finalists will get themselves some iTunes gift cards. EVE Online's creative team decide the winners.
All the rules of the contest and the prizes up for grabs are.