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Let the salespeople own it yet you control and manage it.  The main thing you want is salesperson buy-in so that everyone participates.  Set the contest up just like you set your goals up.  Daily, Weekly, Monthly, Quarterly.

Daily Activity is the key to any contest.  I like the idea of a "CHANCE" box/prize.  For example: Set a specific incentive or prize for the top salesperson of the day.  Remember to use some of the criteria that Jerry mentioned above to measure who actually is the top salesperson of the day.  The visible prize must be something with a determined value like a gift card.  At the end of the day or team shift allow the top salesperson to take the determined value gift card or risk it all on the infamous CHANCE box.  Here's where it gets fun.  Some days you put something in the chance box that outweighs the gift card, some days you put something in there that is has no determined value (lunch with the GM/owner) and some days you put something funny like a whoopee cushion or rubber chicken in the chance box. 

Remember to play this youtube clip on the whoopee cushion/rubber chicken days.  The Price is Right losing horn - YouTube 

There is nothing worse than hearing the “price is right” losing horn when things don’t go your way.

Ideas for the CHANCE box?