If you'd like to participate in the annual pageantry, the IGF's organizers are now accepting submissions. If you're a student, the deadline for you to submit your world-changing (or just cute!) indie game is October 31; the deadline for the main competition is October 17.
Chances are, you'll like the changes being implemented this year. According to a letter posted by IGF chair Brandon Boyer, the judge and jury system, which includes "our 150-200 judges recommending games in certain categories, and discipline-specific juries of 8-10 subject matter experts assigned to each award," will be returning from last year. But the prizes for award winners chosen by those juries have changed. They're bigger.
If you win the Seumas McNally Grand Prize, you'll receive $30,000, with which you could certainly fund the development of a small game, or get part of the way through the title screen of the AAA shooter you've suddenly decided to make.