So instead seeing the same characters win every year, we can have an interesting contest that's not easily predictable: the GOTY selection ensures that no game is ever entered twice into a bracket tournament.
It'd be fairly trivial to come up with a shortlist of ~10 potential GOTY candidates (Arkham City, Portal 2, Skyrim, Skyward Sword, ME2, LBP2, GOW3, MW3, etc.); however, it's not clear which of these would win in a 1:1 polling format. And if we were to expand the list to include Tier 2 and Tier 3 games (for example Sonic Generations vs. RAGE), it'd be hard to submit a perfect bracket.
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