I think a $10k grand prize for simply the "longest officially verified penis" would be more interesting as it would have to actually yield something. Problem is, the people most able to publicly organize something so "tasteless" and provide the purse are already backing the fantasy dicks and internet inches, so they'd be crapping in their own playpen.
From years and years of watching this stuff, I have a suspicion that, under the stringent requirements [joke] of normal "straight line" length measurements, Tiny's bank account was never in any real danger.