The deadline for applications in the third Knight News Challenge is this Saturday at 11:59 p.m. But don’t let the closeness on the calendar intimidate you: The initial application is quick and easy. So if you have only the core nugget of an innovative idea and haven’t worked through things like budgets and implementation, enter anyway. Otherwise, your chance at a slice of $5 million slips away.

The best way to get a sense of what Knight is looking for is to browse the winners from 2008 and 2007. You can also browse through the entries that have already been submitted for this year’s contest, although most will probably come in on the last day. For more information, check out these highlights from a meetup of potential applicants at Harvard a couple weeks ago.

Knight is expecting about 3,000 entries and will go through several rounds of winnowing before announcing the winners next fall. But here at the Lab, we’ll be wading through the applications right away, hunting for the most intriguing ideas. So if you notice anything good or want to pitch your own entry, please email or leave a note in the comments.