Could you guys help me revise a competition contract? (details and contract progress in description)

My friend and i are having a contest to see who can get the most karma by the end of the school year. I'm writing up the contract, but i'm a bit of an amateur at this. Here's what i have so far:

12/2/12

At the time participants (withheld) and (withheld) sign this contract, a point-based competition concerning the amount of “link and comment karma” on Reddit.com will officially begin. Participants will begin the competition with the accounts _________________ for (withheld) and _________________ for (withheld). Participants are allowed to keep all link and comment karma gained prior to the signage of this contract. For every link karma gained during the competition, exactly one point will be rewarded to the holder of said link karma. For every comment karma gained during the competition, exactly 1/4th (one fourth) of a point will be rewarded to the holder of said comment karma. The competition officially ends at 12:00 midnight (24:00 military standard time) on the official last day of attendance for Juniors at (school withheld). The combined total of points at the end of the competition will determine the winner of the competition. The winner will be the contestant with the most points. As punishment for losing, the contestant who did not win will be transformed into a “human pizza” at a location agreed upon by the contestants prior to the transformation. The loser must remove all clothes except boxer shorts and athletic shorts, then the victor and whomever he wishes to invite will throw or pour pizza sauce, cheese, and pizza ingredients including and limited to sausage, pepperoni, chicken, bacon, mushrooms, anchovies, pineapple chunks, black olives, sliced green and red sweet peppers, jalapeño peppers, and parmesan cheese onto the body of the loser of the competition. All ingredients used in the transformation process must be provided by the contest winner and/or his guests. The transformation process must be filmed by at least one camera. Attendants are free to take video footage and pictures at their will. Photographs and video footage can be shared with anybody and can be uploaded to any website. In the event the video footage is uploaded to YouTube.com, real names of the contestants must be withheld in the title, info, and “tags” sections of the video upon uploading.

I, (withheld), agree to the terms and conditions of this legal contract. _______________________

I, (withheld), agree to the terms and conditions of this legal contract. _____________________

If you guys could help me with some revisions/ suggestions that would be great. By the way, the video of the pizza transformation will be linked to this post after the contest. Thanks a ton!