A team of judges selected by Hasbro will evaluate these submissions based on gameplay, viability, story/theme, and "potential for fun-ness", with the top five submissions being announced on October 30, 2015 and groomed in coordination with Hasbro for crowdfunding and fan-building projects on Indiegogo. These campaigns will end Dec. 1, 2015, with the designers keeping all of the funds raised, then Hasbro will announce a winner on Dec. 3, 2015. From the press release: "The grand prize winner selected by Hasbro will receive $10,000 and a trip to Hasbro headquarters to meet with and work with the game development team to help make his or her party game a reality." Woo, Pawtucket!
As you might expect the terms of submission include a lot of legal detail that make it clear that you still own the idea — "You retain ownership of all intellectual property rights in the Submission (as defined below) including any associated copyrights, trademarks, and/or patents that you may hold." — while covering Hasbro from any possible legal challenges in the future. An excerpt:
Independent Development. Without limiting Hasbro's rights to utilize nonconfidential materials, except insofar as that use may constitute an actionable violation of intellectual property rights, you also acknowledge and understand that Hasbro may receive information or concepts from others that may be similar to the Submission, or may itself be developing or in the future develop information or concepts similar to the Submission, without reference to or use of the Submission. Nothing in these Terms shall be construed as a representation or inference that Hasbro will refrain from such separate concept development.
Warranty. By entering the Challenge, you warrant and represent that the your Submission is your own original work created by you, has not been previously published, has not won a previous prize or award, that you own or otherwise control all of the rights to the entry and that the entry submitted by you does not violate any law, regulation or third-party right, including but not limited to copyright, trademark right, or rights of, publicity and/or privacy. Please understand that submitting an entry that is copyrighted by another individual, or otherwise subject to the rights of another individual, will make you responsible for any legal action the legal rights holder might take against you. Likewise, you agree to indemnify Hasbro against any Claims made by individuals claiming ownership of or rights in the entry who may contest Hasbro's right to use the entry in accordance with the terms of these Terms.