Sounds good, could make it more interesting by the entry fee being a bacon butty in addition to the stopwatch which is added to the "bacon pot"
The "bacon pot" is used to purchase butties after the "racing" has finished. The fastest rider gets to start on the pile of butties, and when they can eat no more, the pile is passed to the person in second place, then third and down the order.
The winner of the event the winner is the person that consumes the final butty and has earned ALL the bragging rights (while the winner of the "racing" may be fast, they clearly don't have the stomach that it takes to be a true champion)
Plus the people that aren't quite so quick still have a chance of winning the competition