That being said, it seems like it would make sense that if you put in the blood, sweat and tears to make something rank high in the long-run, you should get paid for that.
I totally get your point and I agree. I somewhat answered this in my other comment where I talked about having a limit. Increase that to 5K or 10K LEO, whatever floats your boat, but I do think that having a limit could decrease the potential risk of people trying to cheat their way to glory.
Another idea: have different prizes for different metrics. I.e.
This is a cool idea. The more the merrier, as it would increase the overall competition for those various prizes meaning more organic traffic over time.
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