There's been a lot of dismay over the announcement, and I guess I share it. The only bright spot is that it will allow the JREF to spend some money to pursue its educational goals. But what are those goals, and how can they actually be achieved?
Anyway, I hope that some similar (and reliable) group decides to initiate its own challenge along similar lines. I still have in my wallet my "2000 Club" membership card certifying that "the bearer ... has pledged to pay an agreed sum to any "psychic" who will win the JREF Challenge."
The $1 million gift from an anonymous donor made my $1,000 pledge superfluous, but my dough is still available to a successor challenge. I don't remember how large the 2000 Club total got before the million donation, but it was several hundred thousand dollars. Now's the time for CSI or Shermy to step in.