While I like the concept of the news grid and event notification, it really doesn't do much for me in its current state. I prefer the mega banners since they seem to ground the site a bit. The news grid is just floating in a white space and looks weird. I personally don't care to know about every contest that the site has, that to me belongs in the event notification area.

I know it might be a little choppy, but I put it together with MS Paint.