I forget where I read it now, but they're going to announce the winner at SummerSlam. My guess would be that they're hoping for someone they can make further use of, but I don't believe there's a guaranteed contract included with the prize.
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To me, it looked like Jericho kept saying "What are you snmiling at? What are you laughing at?", and the only thing I could make out from HBK was "Nice shot" after he got slapped.