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There are so many contests out there for musicians. We try to help you navigate all of them and list the ones that could pay off nice rewards if you win. 

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USA Songwriting Competition   Nomad Contributor
They hold an International Songwriting Competition. The winners are selected by a Blue Ribbon committee of music industry judges including record label publishers, producers, A&R from Universal Music, Warner, EMI, Sony/BMG Music, and other distinguished professionals.
 
Muse’s Muse   Nomad Contributor
The Muse's Muse is devoted to discussion and information having to do with the craft of songwriting. This page provides information on songwriting contests. Apart from this site provides songwriting association listings, music reviews, copyright and publishing info, articles, interviews and songwriting courses.
 
Broadjam  
Broadjam lists various musician contests that are going on from different companies with submission start and end date.  
 
Our Stage  
Upload your best tune, and if our fan base likes it, they vote accordingly. Best song each month wins $5000 plus the winners play at events like SXSW, Bonnaroo, Bumbershoot, CMJ Music Marathon and get exposure through partners like Noise Pop, PLUG, and Paste.
 
Great American Song   Nomad Contributor
Great American Song Contest is open to songwriters everywhere and features $10,000 in Prizes. GASC Judges include some of the music industry's top professionals — publishers, producers and Grammy-nominated songwriters — and every songwriter who enters receives written evaluations of their work from the contest judges.
 
Denny's Feed a band campaign  
Not your ordinary contest but one that will save you money while filling your stomach. Denny's picks each month a selection of bands to eat for free at Denny's while they are on tour. You also get to host after parties for fans with full photo and blog updates to the Denny's site. You can submit your band directly from this link. Get your fans to vote for you so you can win!
 
World Sings   Nomad Contributor
Worldsings.com is a new social networking site that allows artists and friends to connect. You upload one video for free and each one after that is $10. There is $1,000,000 in prize money, while also gaining great exposure.  Deadlines for submissions is November 30, 2009. 
 
Famecast  
The FameCast monthly online contests give you 12 chances a year to become a winner. Simply upload a video or audio track and you'll be eligible to compete. Win $20,000. Win gigs in festivals like Lollapalooza and Austin City Limits and more.   
 
First Tracks  
Website that offers various contests to win
 
International Songwriting Competition  
International Songwriting Competition
 
Music Nation  
They offer listings for music competitions for songs and videos. 
 
Song of the Year  
Song of the Year is an international contest encouraging the art and discipline of songwriting. They find great songwriters while helping them network with professionals in the music industry. Songwriter's submissions are judged by a panel of music professionals. Song of the year also sends 50 songs each month to record labels, music publishers, and other music resources. 
 
Songwriters Recording Studio  
This site keeps you update on the latest songwriting contests around the US. This provides links or contacts to get more information of contests.
 
Sonicbids  
Lists various contests that have cash prizes, slots on tours such as Lollapalooza and more. 
 
We Are Listening  
We Are Listening offers various contests in categories such as singer/songwriter, lyric, breaking the band, world of music, and music video awards. Depending on the category there are various types of awards.  
 
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And The Winner Is: Will Awards And Contests Lead To Bigger Things? by Sheena Metal
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