Sidebar updated with 2008 winnings
The sidebar has been updated with finalists for the upcoming Nathan’s finals and the total cash winnings for this year. Joe Menchetti is currently the leader in cash prizes (Joey Chestnut’s Wing Bowl prizes would make him the overall winner in total value won)
I do not have the prize breakdown for the pig skin eating contest after first place. Please inform me of any incorrect or missing prizes. Here are the current top 10 cash winners for 2008:
$6200 “Gentleman” Joe Menchetti $5250 Pat “Deep Dish” Bertoletti $3000 Sonya “The Black Widow” Thomas $2500 Tim “Eater X” Janus $2500 Joey “Jaws” Chestnut $1000 Juliet Lee $1000 J. D. Castile $1000 Chris “The Big Cat” $1000 “Furious” Pete Czerwinski $1000 Erik “The Red” Denmark
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Carey said
May 13, 2008 @ 10:40 am
There should be a dollar equivalency for non cash prizes so that we can compare the winnings more acurately. There are the hotdogs won by Nathan’s qualifiers, the tickets and beer from GJoe’s Munch Madness, and the winnings from Chestnut’s Wing Bowl win.
Anonymous said
May 13, 2008 @ 10:54 am
That’s stupid. You shouldn’t equate anything to cash unless it’s actually converted to a known amount of cash. If I have a good TV and I win another, that second TV isn’t worth to me nearly what it sells for in a store because I don’t want that second TV.
I said
May 13, 2008 @ 11:42 am
too is the hotel/travel that aice gives to its eaters thats worth a bunch there
Anonymous said
May 13, 2008 @ 11:43 am
Pig Skin
2nd Russ Keeler $1500
3rd Crazy Legs $750
4th Pretty Boy $250
KevinRoss said
May 13, 2008 @ 12:18 pm
Mr. 10:54, you’re talking about the law of diminishing marginal utility (I think I’m saying that right, economics class was a long time ago). But I don’t see how this is relevant here. While it is true that you may not need a prize you are given and it won’t have much value to you personally, it does have a value on the secondary market (i.e. you can sell the thing). So if someone wins a TV in an eating contest, a pretty good consensus of the cash value is easy to obtain via craigslist, ebay, etc. A car is even easier due to bluebook value. And I’m pretty sure that when people give away any significant non-cash prizes, they have to put a cash value on it for tax purposes. Unfortunately, the government likes to tax non-cash winnings, so there usually is a concrete value put on anything that is won even if it is not cash. Like when Mrs. big head on every cover of 0 Magazine Oprah gave away all those free cars, very few of the people who “won” them probably got to keep them because they couldn’t pay the tax bill without selling the car. So yeah, the summary of all my ramblings is that I agree that non-cash prizes should be included in the winnings database. It won’t be exact because information on the value of the prizes will not always be available, but I think it is even less of an exact picture not to include them at all.
Rhonda Evans said
May 13, 2008 @ 12:36 pm
Anonymous, Carey’s point makes good accounting sense. Often people win noncash prizes that are either crap, not needed, unwanted, or all three. But you have to be able to ascribe objective worth somehow, like retail/market value. If it has none, then count the value as $0.
joey B said
May 13, 2008 @ 12:47 pm
Good point Carey
Carey said
May 13, 2008 @ 12:59 pm
If the prize actually is crap, I can understand, but look at what Joey won at Wing Bowl. A Harley Davidson, and a Toyota Tundra. Wouldn’t you say that would bump him up at all over the $2500 he is listed at right now? (Ian, just sell the freakin TV)
Anonymous said
May 13, 2008 @ 1:05 pm
You guys are still idiots. If you win a trip to Disney World, and you pay taxes on it, and you take the trip, you’re a lot less wealthy for having eaten in the contest that won you the trip.
If you guys love non-cash prizes so much, then why don’t you ask your employers to pay you in toaster ovens.
KevinRoss said
May 13, 2008 @ 2:44 pm
And someone could spend a cash prize they won towards a trip to Disney World. . .what’s your point?
INVADER said
May 13, 2008 @ 2:53 pm
Nice one, Carey and good point. BUT I actually didn’t post that last comment from “Anony” 10:54. Surprised I actually fit that scenario. I mean seriously, do I need two, flat screen TVs that fit nicely in my kitchen but not elsewhere? Well, maybe in my laundry room…
Anonymous said
May 13, 2008 @ 3:12 pm
Kevin, you don’t get it.
Money has real real value and can readily be exchanged for goods and services. Money can buy a toaster, but the toaster cannot always buy money of the same value. Money and toasters are not nearly of the same asset class. You would be better off winning a barrel of oil or a bushel of hay or a pork belly, even though their values are subject to change, because at least there are markets on which they will always find buyers.
Carey said
May 13, 2008 @ 3:16 pm
I know it wasn’t you, but boy it didn’t take long for a response, huh?
Kevin, you are fighting a futile effort here. After that last response, it is obvious that this anon. is not intelligent enough to understand the reasoning.
I love his last bit, “If you guys love non-cash prizes so much….” what are you talking about, dude?
Carey said
May 13, 2008 @ 3:17 pm
Oh, and if Joey crashed the Harley into the Tundra, and got left with a hugh medical bill, he would be less wealthy than from having not eaten in Wing Bowl. So, yeah, we shouldn’t add in the non-cash prizes.
davidmitolo said (Registered April 28, 2008)
May 13, 2008 @ 3:22 pm
Ian, I could trade trade you something else that would be of no value to you for a flat screen TV that is of no value to you. Or I could go as high as the $10 I won at the custard contest. Think it over.
the boy king said
May 13, 2008 @ 3:49 pm
I’m with Mitolo!
Anonymous said
May 13, 2008 @ 4:01 pm
Stay in school, Carey.
KevinRoss said
May 13, 2008 @ 4:44 pm
This whole conversation reminds me of the Simpsons bit where Homer is looking for a peanut under the couch, but instead finds a 20 dollar bill and is disappointed until his brain realizes that money can be exchanged for goods and services.
But yeah, Carey, the argument isn’t really going much anywhere. Anonymous seems to be responding to things we aren’t even saying. I believe our point is just that non-cash items have value, even less permanent or tangible things like vacations (because if you accept that prize, you are essentially deciding that is something you would have wanted to spend your money on anyway).
But to respond anyway to the last thing anonymous said, sure most everyone would rather have cash money. And granted assigning a value to non-cash prizes isn’t as exact as cash or the commodities you mentioned like pork bellies and oil. But that certainly doesn’t mean the value should be zero! Everything finds a market in today’s ebaying world. . .EVERYTHING. It is just a matter of if the person’s time is worth more or less than the value they’d receive by selling that item (opportunity cost). Most of us would probably just throw the cheap toaster in the garbage. But if you needed the dough and had nothing more lucrative going on, you could put an ad on craigslist and make a few bucks. A lot of people used those 40 dollar digital TV converter box certificates from the government to go to walmart and pick one up, then sell it on ebay (for maybe a 5-10 dollar profit when all is said and done). A lot of work for 5 bucks. But obviously worth it to a lot of people, therefore those certificates have monetary value.
I’m not saying non-cash prizes don’t suck and you won’t end up getting less than they are supposedly worth if you trade them in for cash. . .I’m just saying that it is less accurate to value them at nothing, then to value them at something.
Have I won the debate yet? I want a gold star.
Gentleman Joe said
May 13, 2008 @ 5:00 pm
Non-cash prizes should be valued at somewhere between 50-80% of cash value. It depends on the item.
A car or motorcycle would be on the high end, as would the 55 inch big screen i’m watching as I write this. A toaster would probably be on the low end. (who’s won a freakin’ toaster?)
I feel 67-75% should be the consistent value we put on non-cash prizes.
Ian, you’re welcome for atleast one of those tv’s.
Money Honey Bunny said
May 13, 2008 @ 5:05 pm
What brands of beer are we talking about? Some beer is worth more than others. Should we smelt down the trophies for the metallic content to more accurately figure that? If you are really hungry, is a pack of Nathan’s hot dogs suddenly more valuable?? How about the inner pride we get from competing? How can you put a price on that? Some eating T-shirts may sell for well over 2.49 on Ebay some day, does this mean we need to wait 40 years to refigure this year’s earnings? Does Badlands rap income count, or Brian’s CD money, Or SuperPaul’s eating art, or monies from the MLE video game for El Toro, Juliet, Eater X, Et al??
My head hurts, and I’m developing carpal tunnel syndrome…..AAAAAAGGGGGGHHHHHHHHH…just weigh my s..t, and stop the mohawk kid and the space cadet from san jose from taking all the easily counted funds, let the bad eater win once in a while. You are all just plain and dumb and look like balls of hay!
Stoney Rockhead said
May 14, 2008 @ 12:35 am
Me win 11,726 shiny gold rocks already this year…me should be first on list. you losers need to stick to blogging. Stoney is great, Stoney is great, STONEY IS GRATE
Jen said
May 14, 2008 @ 8:24 am
I wonder what a gold star is worth
anonymous said
May 14, 2008 @ 10:07 am
Money honey bunny is funnnnnyyyyyyy lol lol lol
Furious Pete said
May 14, 2008 @ 11:40 am
Oh hi…I’m here for the toaster?
RussK said (Registered February 3, 2007)
May 14, 2008 @ 5:45 pm
I won $1,500 at Pig Skin.
the boy king said
May 14, 2008 @ 7:05 pm
I’ll glad in my line of work, nobody know’s what I’m making.