Would the million dollar challenge really pay a winner a million dollars?

Sounds just like another desperate excuse for not applying to the challenge. There is a lot of them floating around. The contract that is signed by both JREF and the applicant is for a cash (check) payment to the winner of the prize to be 100% paid within 10 days. This is legally binding. The money is being held in money market funds and negotiable bonds in the meantime which can be liquidated into cash quickly. See the Goldman Sachs statement below.