Biggest Loser Family Challenge

So my brother came up with an awesome idea for the holidays! We just got a flyer in the mail from him - he also sent it out to all our other family members (aunts, uncles, cousins...). Anyone who is interested in our family is going to pay $50 on Thanksgiving. Right before the meal all who are participating will weigh in wearing their t-shirt and shorts. Then we will all weigh in again when we are back together on Christmas Eve. The person who lost the highest percentage of weight will win 70% of the money, 2nd place 20% and 1st place 10%. So lets say that 10 people in our family are up for the challenge - each person will pay $50 for a total of $500. 1st place will walk away with $350, 2nd place $100 and 3rd place $50!
I kind of questioned why we would do this during the holidays and his reply was because that's the hardest time of the year for most people.
I just thought it was an awesome idea and wanted to share with everyone in case you might be interested in getting your very own family challenge together for the holidays. I myself will not be with my family on Christmas Eve this year, but I am planning on participating anyway and I will be calling my weight in on Christmas Eve - which means I have to bring my scale with me on Thanksgiving so that I am weighing myself on the same scale both times.
Also, it's important to remember that the winner is not the person who lost the most weight - it's percentage! Just like on the real Biggest loser! The reason behind this is that a 250# person will lose more weight than a 175# person on the same diet and exercise routine - so it has to be based off of the percentage of weight that the person lost - if a 200# person loses 10 pounds, that's 5.0% but if a 175# person loses 10 pounds, that's 5.7% - you get the point!
So, let me know if you are going to do the same challenge with your family and I want to know how it all turns out!