Not stupid at all, Sileas. You can't be expected to know all the history of the fandom, when you've just arrived.
There have been a lot of discussion threads posted about the subject of the Merriweathers and at least one poll, since their inception back in January of this year, so you could do a search of the Fanfic Related forum, which should produce most of them, if you are especially keen to catch up or interested in the history of this contest.
Basically though, I think
this is the first thread that was posted by M-Comm (Merriweather Committee), which sets out the basics of their aims.
LabRat