Look, not that I am a big believer in the paranormal BUT given the fact that Randi’s challenge is biased and not scientifically sound I don’t think I would agree to it either.
How is it biased?
The exact protocol for a test depends entirely on what claim is being made. In fact, the protocol has to be offered by the applicant, then agreed to by JREF. The expertise Randi brings is NOT the science (he’ll ask statisticians, for example, to tell how many hits might be required to rule out guessing at a specific confidence level*). His expertise is in ruling out cheating.
Hypothesizing the effect of a successful proof of a paranormal test is fun, but merely speculation. I suspect that you’re wrong about Randi’s attitude toward this. I think he would be thrilled no end to have conclusive proof of one of these claims. (He has stated as much numerous times.)
If it happened, I’m sure he’d cash in as well. If, for example, a psychic ability were actually proven, it would be in all the headlines around the world, and they’d all mention that it was proven in the JREF Million Dollar Challenge. (Funny, despite all the “research” by believers into parapsychology and so on, they’ve never proven conclusively that any such phenomenon exists. PEAR, for instance, spent a ton of money and came up with barely detectable effect that wasn’t reproducible by anyone else before throwing in the towel.)
I suggested people who criticize the Million Dollar Challenge to read the actual application here: http://randi.org/research/challenge.html
Unfortunately, the FAQs are down because they’re being re-done to accommodate the recent changes (having to do with the “media presence” requirement).
*Note: many of these claimants start off saying that they can ALWAYS do what they claim—100% of the time.