Or go back in time and never initiate the contest to begin with!
But, more seriously, if I were wearing the Big Hat, I'd just let the thing go on without promoting it anymore in the hope that people would forget about it -- possibly removing or reducing the size of the forum icon over some pretext or other -- with damage control statements prepped (along the lines of "OH GOD IT'S A MONSTER AND WE HAD NO IDEA, WE'LL KILL IT NOW, KK SOZ" if general feedback and press are both poor, or "LOL SHUT UP MORAN CONTEST IS GR8 H8R" if press views it negatively but general internetters view it positively) and ready to go if it starts getting bad press.
Whatever damage or good that has been done has been done, in my opinion, and it's now more a question of dealing with any potential fallout.
Now, that's if I were wearing the Big Hat. But I don't have access to whatever polls the Big Hat might have access to, so it could be that the contest is being viewed rather favorably by the internets population and is mostly generating content rather than wishlist spam and rampant 'me too-ing'. Odds are that it isn't, but that's the price you pay for being, uh, special.