If you haven't entered a sheep into the sheep contest yet, you have about a day left. If you talk to Gary he's got an exact timer for you so there's no time zone issues, you know exactly when entry ends.
To clear up some confusion about the contest, you are not competing against each other. You are competing against Kit, Gary, Kale, and Maggie's Sheep. Anyone who beats their sheep will receive a gold sheep, there is no limit to the number of people who can win.
This will be the same for any contests during the rest of the festival as well. Any PVP rankings are just for fun and don't effect your ability to win prizes.