Yes, you could sue the company. A past prize winner tried that and won his case against Pagnano's company, but last Pagnano reported he did not pay the court judgment or any other prize winners.
The Florida Attorney General, in the false advertising case against Pagnano, required the company to put any prize money in escrow before any contest was advertised/held. He obviously is not paying prize winners or complying with the attorney general, IMO. If he was, the million dollar prize would have already have been paid to the winning team of the MDSO. This prize was due to the winners 30 days after airing of the final episode, per the comapany's SEC filings.