[Note: it's far too late to begin work on an entry for the competition at this point, so just consider this FYI.] BioWare is sponsoring a three-month long competition for 3D artists over at CGHub, challenging them to design and render a character that would fit well in either the Mass Effect or Dragon Age universes. The contest runs from November 1st, 2012 to January 31st, 2013, and it has churned out some amazing work-in-progress entry threads thus far.
There are two winners for each franchise (Mass Effect and Dragon Age), to be selected by a panel of members of BioWare's art departments. Each winner will receive a signed memorabilia package containing art books, games, and lithographs, with the 1st place winners in each category additionally receiving one of those sold out limited edition N7 ambassador watches.
For further reference, the previous year's challenge was hosted by CG Feedback.