POTW sticky?

I've been a member of the forum for some time, but I have to admit, I really don't know how the Picture Of The Week works, except for the annual vote. I know Billy was in charge for the longest time but did he simply pick one? Are there any protocols or rules?

If there are rules or protocol, it would be nice to see a sticky for it. If there aren't, maybe now would be a good time to make some?

What do ya'll think?