There's portal pages that can be used for vB, so a better competition may be skinning it. At the moment, there won't be an official front page contest until we can figure out exactly what we want. However, if y'all wanted to make up mock front pages, it could give us an idea and maybe a boost on starting one later. It would probably be a good trial run for everyone that would like to compete.
Don't worry; we won't steal your idea and use it without your permission.
Dave