I don't mean to sound like an ass, but there's a chat topic dedicated to this board in Chat Topic and Forum Games.
Link here if you weren't aware. Coincidentally, the topic you booted off the front page with this topic happened to be mine. So thanks.
As far as I know, there's no rules against making contests on your own, but you should probably talk it over with everyone first, or we probably won't participate. Having said that, I would be weary about making one. I can tell you right off the bat that not everyone shares your opinion that there should be more. I don't recall who, but someone thinks we should keep them limited to like two a year.
What kind of contest did you have in mind?