Possibly. But I think most game jams are more about having fun and sharing a love of coding (and playing), than they are about worrying who gets the top prize. Some jams aren't even rated. It looks like this one is, but still, they seem like a pretty casual bunch.
I think I'll probably enter this one... I have in mind a little "hacking" game where you log into the EvilCorp mainframe, nose around until you figure out how to fix the buggy Orbiting Brain Laser project, change the Moon Ransom script so it deposits money in your own Swiss bank account, and retire a bazillionaire.
But then again, I was also thinking about recreating "Ant Race," a little text-based horse-racing simulator I played on an actual mainframe as a kid. So who knows.