I was actually going to participate this year, since I'm writing again for the first time in a decade, but then I looked over the rules and you can't use a manuscript already underway. What I'm working on, and have no interest in putting on hold to work on something else, is the much-expanded and seriously reworked second-draft of a 220,000-word novel I wrote in a little over 2 months this summer.
Damn. I wouldn't have seen 50,000 words as posing much of an obstacle. I can write a 5,000-7,000 word chapter in a day or two and have been easily doing two chapters a week with very little of the material being c/p'ed from the first draft; it's really a nearly complete rewrite.
I coulda owned that *****. Seriously.