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Office Weight Loss Challenge

Fellow GC'ers:

My office is looking to do a 'Biggest Loser' type of weight loss challenge. 

Ideas that are being thrown around right now are $20 buy in, weekly weigh ins, $1 per pound gained in any 1 week, winner is determined by largest percentage of original weigh in lost.

Has anyone participated or organized an office/firm/team event like this?  Can you share some do's/don'ts of this?

I appreciate your help.