If no one has mentioned this yet, I have a suggestion to make the reward system a lot more fair and inspire more people to participate.
Rather than making it a competition where only the most active users each month can win (especially when those most active users are often newer members or have way more free time to contribute than the average user), how about we make it so that each month there is a random drawing for the prizes and the points you earn each month affect your weighted chances of winning.
So say if you had 30,000 points one month, that's like getting 30,000 entries into a random drawing. You still have a gigantic advantage and are very likely to win, but it is no longer guaranteed so that some users with less points can still have a chance.
Or better yet, how about a buy-in system where we can use our points and allocate an amount we choose each month. So say we don't want any prizes that month, we keep all our points. And then one day there is a super epic elite prize so we dump our entire lifetime points in. That seems like a much better option. Otherwise, the average user on this site like myself, the ones that drive the most conversation and entertainment and news but only have about 5 posts per day, will feel very excluded from this.