Since I am a novice at this sort of thing your help would be appreciated. Here are a few questions that I've come up with so far.  Your thoughts and suggestions for any directions that I should proceed would be appreciated.

1)  Because of the huge number of blog sites I believe that the number of nominees would have to be limited.  I'm thinking maybe 100.

2)  The possibility of spamming probably means that I will need some means of controlling the nomination input process.  I'm thinking that the "capcha" process, or something like it, would help with that.

3)  I'm investigating any tax implications.  Do I need to get a "501 c 3" exemption or some other tax exempt status?  As always tax laws are confusing so I need to look closely.  If someone has experience with this, help, please.  Eventually I expect to require a lawyer and an accountant. 

4)  Since I want to offer a monetary reward I'll have to choose how I will receive funds and hold them until the time of the award.  PayPal, credit cards and checks and money orders come to mind.  Setting up a bank account of some type probably will be necessary.  An escrow account? 

5)  The costs of running the program will have to be covered.  Lawyers and accountants will not be free.  I don't yet know what if any costs would be incurred by using PayPal or online credit card payments.  I fully expect that there are other costs that will have to be covered.

6)  Is it possible proceed without a tax exempt organization?

At this point I don't know enough to formulate the all of the questions that must be answered.  I'll find out many things in my search, but, HELP :) please.

Thank you