I personally don't mind giving up titles, but I don't think the prize is that appropriate.  If it was for something like once every 2 months, they yeah, but for something that's done once a week, it's "far too serious" or "formal" if you know what I mean.  Sig contests are meant to be a fun thing to show off ability.

Perhaps something less formal, like displaying the name in some thread, or perhaps gather up "points" for a total every two months.