The competition, which will be jurored by Duncan Stroik, includes a pleasantly traditional--and fairly specific--set of requirements:
This juried competition and exhbition primarily seeks to foster the arts of the Western Christian tradition; however, other artistic traditions of Christian subject matter will be considered. [...]
Artworks must be iconographically recognizable and appropriate for liturgical use, public devotion, or private devotion.
Subjects sought (but not limited to) include: scenes from the life, passion, death and resurrection of Jesus Christ; other biblical scenes, stories and characters; depictions of saints and their lives; current and historical events in the life of the Church; depictions of the seven sacraments; and personifications of the corporal works of mercy, virtues and vices. [...] Subjects which will not be considered include: portrayals of non-canonized persons as saints [...].
More can be found
here. The competition is open to all amateurs and professionals over 21 years of age. Unfortunately all admission forms must have an August 1 postmark, so anyone who's interested needs to hurry.