Man, contests with huge cash prizes always get the hype, but the super high ones are often super specific. The big ones I'm keeping an eye on are the L. Ron Hubbard's Writers of the Future, which pays out $1,000 to $5,000 to quarterly winners and then a $5,000 grand prize, so the potential payout stacks. The Bath Novel Award is another heavyweight, with a £3,000 first prize. There's also the Sunday Times Audible Short Story Award, which clocks in at £30,000 – that's life-changing money for a single short piece.
But honestly, the biggest advertised cash prize I've seen lately is for the César Egido Serrano Foundation's International Flash Fiction Contest. First place is $20,000... for a story under 100 words. Wild, right? The odds are astronomical, but it's out there. I'd also mention the Reedsy Prompts contest; it's weekly with a $250 prize, so over a year you could technically rack up a decent sum if you're consistent, though it's not a single huge payout. The real trick is checking the fine print for rights grabs; some of these big-money contests want all future rights, which isn't worth it for most of us.