The current rules for The Colossal Challenge stand as:
You must finish the Colossal Cheesesteak & a fountain soda in one hour without any bathroom breaks or throwing up. For the sandwich, you must choose 2 cheeses and 2 toppings, but you can double up on a cheese or topping (ex. double american, double onions). The total cooked weight of the sandwich is 5 pounds. If you finish, you will receive $50 cash & the Colossal T-Shirt.
If you beat the current record (3:48 held by pro eater Molly Schuyler) you will receive $500 cash and the Colossal T-Shirt. This means you must finish in 3 minutes 47 seconds."