My idea is fairly simple and pulls from a DeviantART project called 'Odyssey'. It's a successful project there, and it would bring more interest/attention toward RPG contests such as the WOTM/AOTM.
The contest would open as if any WOTM. We would have a theme, maybe requiring the story be something others could build from in the future. The winner's piece would be set in the Hall of Fame and all that some-such as is standard procedure. From here, however, it would enter another archive. The following AOTM would challenge artists to read the entry and interpret it however they please. They would be charged with creating an image that somehow reflects the piece. A third Contest would be created to take the ball from here. The Third Contest would begin the next rounds for the literary piece continuing off the winner of the last. This same contest would begin the visual contest as soon as the second winner was decided, and this entire process would continue through the Third Contest exclusively.
Why involve the WOTM/AOTM in the start? By starting off with these two well-known, long-lasting contests we play off ethos. People know and trust these contests. They actually wait for voting to end to take part. In addition, this could also bring more interest to these contests as well. In addition, by starting out with WOTM/AOTM, we would have the ability to advertise for the Third Contest a couple times in a notable way.
How will WOTM/AOTM participants do these contests, the Third, and whatever RP interests they have? We can intentionally plan the Third Contest's rotations in a way that would not interfere with the others, at least roughly. We can plan to begin the Third Contest's Writing component when the WOTM begins its voting phase. This way authors will have a chance to always participate, while simultaneously satisfying those anxiously awaiting the next WOTM. Artists may seem less focused on with the time choice, but I am not immediately aware of a way to give them the same benefit. Luckily, this contest is challenge-by-choice, and while the AOTM gives a few Themes and Components, this Third Contest literally creates a world to be reflected off. There will be no right or wrong answer for contestants, simply a vote for what writing is most compelling/makes sense to come next and what image brings the most essence from the writing.
A great way to also build enthusiasm and creativity is to set a lower maximum word count. While Casual/Advanced WOTM ranges from 500-3,500 words (1 page to 6 pages, Times New Roman, 12pt, Single-Spaced), the Third Contest might be better suited ranging from 600-900 words. By setting this range, we are asking members to submit 1-1.5 pages with the before-mentioned specs. This can entice people who may have less time, but still want to participate. It will also push people to really ride the tide of what was written before them instead of just passing it all up and severely hijacking the story. The aim would be to collaborate with the text. Past winners could even be spoken to about their ideas, if preferred, but the writers of each contest would have the creative freedom to poise things where they feel is best.
Now before I speculate too far about what could be, I'd like to hear what the community thinks. I believe this could bring together RPG's artists and writers in a collaborative way which we are not doing thus far. At this point things are separated with occasional overlap. This can challenge that trend and give RPG something to call its own as a community-creation.