I would be interested in seeing the novelties people come up with, but I doubt I could find one worthy to enter.
Theoretical Novelty Competition

My knowledge of opening theory is no greater than the knowledge possessed by a pig of what lies beyond the door marked "slaughterhouse" to which it is so gleefully trotting.
But I've got nothing better to do so count me in.
P.S. That phrase is copyrighted in case I ever decide to write a book.

My knowledge of opening theory is no greater than the knowledge possessed by a pig of what lies beyond the door marked "slaughterhouse" to which it is so gleefully trotting.
But I've got nothing better to do so count me in.
P.S. That phrase is copyrighted in case I ever decide to write a book.
I don't believe it's actually copyrighted... or that you're a pig...

The King's Gambit (1.e4 e5 2.f4)
Would not taking the pawn be considered a novelty? If so I'm a genuis!!!

Well, what do you lose from giving it away? (Oh to be old and wise. =) )
A crucial point in some bigshot tourney (and possibly a fat paycheck). That's why GMs think up TNs.
What about for us few non-GMs?
Would anyone be interested in a competition for the best novelty in a predetermined opening? We could give a week for members to submit their novelty with analysis. At the end, a vote can be held to see who has the strongest novelty. Limit one submission per person.