As Daku posted before, the challenge is for all the cartoonists participating to update their strips at least once every 24 hours. If a single update is missed then that artist is out of the competition. The last cartoonist updating on time at the end gets the pot, which is now up to $1,120.00.
If the cartoonists remain on time this competition could potentially continue for years to come. The point to the whole thing, however, is to promote a more stringent dedication to a stated update schedule. Web comics missing updates and falling behind schedule has been a recurring issue for a lot of readers and I think this public display of dedication is a great way of bringing creators together to address the situation.
Place your bets now.