Welcome to your site!
This is what is known as your "Front Page". It should display an introduction to your Competition, Event, or whatever purpose your site will serve. If you are this site's administrator, you may change this text under the administrative tool bar.
Ideally, you will want to put as much information about your site as possible here, as this will be the first page most potential applicants will see. You can customize most aspects of your site through the administrative panels, then customize the look and feel of pages such as this later.