According to this NYU News article:
Undergraduates, graduate students and alumni who graduated no earlier than 2013 can submit their pieces to the NYU Radio Play Contest via email by March 1. Submissions will be judged based on narrative quality and writing style, among other criteria.
Ana Maria Allessi, Vice President of Digital Innovation and Publisher at HarperAudio believes that the submissions should be natural extensions of the students’ current work. The winner will receive 25 percent of net profits of total digital recordings sold and 10 percent of total CD units sold. HarperCollins, a publishing company since the 50’s has all the specified terms and conditions and exclusive rights distribution rights to the winning piece.