So, watching a show recently, the MSRP of the trip had to have been for full Y coach tickets. But what does the winner actually get? Associated benefits that come with such a value (i.e., a Y fare basis)? Or is this "winner" going to be stuck with paying for an assigned seat, baggage, etc. because it is booked in some unpublished no benefit seat bucket? (Not to mention the disclosure along with the next tax return to explain why the 1099 value is bunk.)

I have to say your skepticism/cynicism is probably well justified

that said, most FTers are well aware that discounted J or PE/equivalent for less than full Y isn't altogether a rarity ... a savvy prize-winner can probably easily leverage the actual price toward something more useful/valuable

I once "won" a trip to Hawaii.
IIRC-- The gist of it was that you left on a redeye, had two nights in a mystery hotel, and left very early on the third morning. Any alterations to that required that monies be paid. At the end of the day, I threw away the voucher and vowed never to be lured in again by such things.
I still marvel that miles and points travel is as wonderful as it is, and is not a scam or a loophole for anyone willing to put in a little effort and keep their credit card bills paid in full at all times. It is simply amazing and I'm so grateful.

The MSRP is typically nonsense and you can have the IRS agree to a lower valuation.

I've never won a free trip, but did once win �4,000 (just over 5,000 USD) on a radio show phone.

We had a lovely three-week trip to S.E. Asia with the money.

Would much rather cash than a pre-decided holiday to be honest.

Another plus in the UK is gambling/ raffles/ gameshow prizes are tax free here.

Not so long ago, my (U.K. based) parents won a competition sponsored by a whisky distillery. They had flights from London, in Economy but at civilised times, they were collected at the airport by the same personal chauffeur who served them throughout their visit, very good accommodation and meals included and the tour of the distillery itself (not a place that’s easy to visit unless a full group tour is arranged). Sadly no goodie bag offerings were made available so nothing came back for me to sample. My mother discovered she rather likes whisky, turns out her enjoyment only begins to emerge once the price of the whisky surpasses her economic capacity to purchase it.
All tax free (there is a tax element to the flights but this was accepted by the sponsor), all incidentals covered, and as they are (were, RIP Dad) in retirement age and had London Transport freedom cards, even getting to and from the airport was free.

Just as well your Mum only likes whisky she can�t afford otherwise the prize could merely have been to the top of a very long and steep slippery slope!

For the travel prizes on �The Amazing Race�, contestants have said you get a voucher at Travelocity/Expedia (the prize sponsor) for the cash equivalent of the trip described on the show that you could actually use any way you wanted to.