Code competition

I read "Code complete" (http://cc2e.com), it's boring a little. But wow! One idea immediately awakes me.
Approximately a half year ago one idea appeared in my mind: code competition. But as usual I criticized it and put it to the backyards of my memory thinking I'm fool and this wouldn't help.
But now I met the same idea in that book and I decided to try it again.

So, every week developers, tester or whoever wants send me a letter with the description of the piece of work they did this week. This piece should be done in the best way and will participate in the competition. For example, developer could send the description of the module he designed, another one could send the description of the improvement she's done that greatly affects the system performance, usability or whatever else, tester could report on great job of automation library creation or full test coverage of the application etc.

Then the best one (or more) work will be chosen. The winner will be rewarded with the honor and later with the bonuses.

I think it could partially make quality better, allow to show the best approaches, code etc. But the results should be unbiassed and all the team shouldn't envy the winner in a bad way.

Could it work?