Here's information from the official release:

Creating the best doodle comes with major perks: this year—for the first time ever—the winner of the competition will become an honorary Google Doodler for a day and animate his or her Doodle for the homepage with the Doodle team. The winning Doodle will then be featured on the Google homepage for a day for millions to see. If that’s not cool enough, the winner will also receive a $30,000 college scholarship and a $50,000 Google for Education technology grant for his or her school.
If you feel like your young artist may need a little nudge to get their creative juices flowing, we’re partnering withDiscovery Education to offer videos and activities for teachers and parents as well as a virtual field trip to Google’s headquarters. We’re also offering interactive “Meet the Doodler” Connected Classrooms sessions where kids can meet Google Doodlers, learn about their process from idea to a Doodle, and ask questions along the way.

Mark your calendar to send in your kids’ submissions by March 20. Judging starts with Googlers and a panel of guest judges, including astronaut Ron Garan, author of the Percy Jackson Series Rick Riordan, Google[x] Captain of Moonshoot Astro Teller, directors of The LEGO Movie Chris and Phil, President of RISD school Rosanne Somerson, robotics designer Lee Magpili, and authors Lemony Snicket and Mary Pope Osborne.
On April 29, we’ll announce the 50 state finalists and open up a public vote to select the national winner. These 50 kids will all get to visit Google’s headquarters in Mountain View, Calif. on May 21 for a day full of creative workshops and other fun activities—and the winning (animated!) doodle will be revealed on in June.

Participating is easier than ever. Teachers and parents can download entry forms on our Doodle 4 Google site. Doodles can be uploaded digitally to our site or mailed in. We encourage full classrooms to participate too! There’s no limit to the number of doodles from any one school or family... Just remember, only one doodle per student.
That’s all I’ve got. Now get to doodling!

This is a great project that lets students be creative and artistic, while giving them a chance to win a great scholarship.