For what it's worth, I'd run it exactly the same way the LVH contest is run. Entry paid in advance, picks in by noon Saturday, picks are revealed to public after the deadline, money is split 1st, 2nd, 3rd, etc.
I definitely understand Mobig's concern about paying up front, but there's got to be somebody at pregame that's universally trusted. And besides, why should the admin have to keep track and post 5 times a week who has paid or not. The money should be secured up front or no play. It's that way at any sportsbook or contest. That way it's done/over and we can get to capping.