We mentioned this just briefly in our last hangout show and here's the full details.
First, you go to the Google+ Community page: https://plus.google.com/communities/100528130097464336279
Then you download the template: https://drive.google.com/folderview?id=0B7pO9Fsdl6yYNy1QYWEtME9VQW8&usp=sharing
Then using the design template you design your own cool watch face.
Post your results in the same community in the "post submissions here" category: https://plus.google.com/communities/100528130097464336279/stream/9f22d087-8c72-47c7-8a88-3625b2b7425b
Their judges will pick 10 and then the folks in the community will vote. The one with the most +1s wins! The grand prize will be a free watch and the other 9 folk will get $50 in Google Play credits.
Contest submissions will end on June 10, with the voting on which wins goes from the 17th - 24th.
I wish I had some photoshop skills (well artistic skills).
From the post on the community: