Battle of the Bands

Alright, here it is: the grand plan.

For our senior projects (yeah, a year from now), my friend Jenny and I will be attempting to set up and run a state-wide "Battle of the Bands" or "BOTB," as we in the business call it. It would be a huge undertaking, and we have a lot to figure out, so we are probably going to be getting started on it very early (like now...).
These are the things we need to do, and our current plans (if any) for them.
1. Get funding. Local music stores? Musichead, Larry's Music, etc., plus maybe KROG and KZZE, and as many others as possible.
2. Find venue, rent venue. Thinking Medford Armory... not sure of the capacity, though.
3. Get prizes. Here is what is probably the biggest part... How do we get the bands interested? If dreams come true, we want to get some independent record labels to offer a deal to the winner. Perhaps just a cash prize?
4. Get bands. Launching a full-frontal attack via (ugh) Myspace; hopefully road-trippin' around Oregon to find some good prospects.
5. Auditions and actual performance. We're thinking we'll ask each band to play 1 original song and 1 cover, the purpose of the cover song being that if they are some crazy jam-band, we can see if they have actual talent.
5 1/2. Get an audience! How much for admission? How can we publicize?
6. Profit (our fingers are crossed). Usually senior projects that generate a profit give to some sort of charitable deal... Where would our money go?

This will pretty much be the most kickass thing ever to land in Medford, if it happens. Any words of advice would be appreciated...
Thanks.