It's all on the site at
www.randi.org : details of the challenge, information about past applicants, terms and conditions, proof the funds are available, FAQs, whatever you want to know. There's even an application for those care to try it. The controversy about it is engendered entirely by believers who know perfectly well they can't demonstrate a thing, they just don't like being challenged so plainly so they try to discredit the challenge with innuendo and slander. The tests are structured--and this is unmistakably clear in the protocols--so that both the people doing the testing and the people being tested agree the test is fair and reasonable. Sylvia Browne agreed on Larry King Live on 3 Sept. 2001 to a definitive test of her claimed abilities, there's a video clip on the site of her making the commitment , and she has so far weaseled and squirmed and ducked away from it, because she knows she can't produce results. She's also been caught out in major errors recently, like the West Virginia mining disaster a year ago, and telling the parents of a missing child that the boy was dead, only to have him turn up alive and well shortly afterwards. She doesn't do very well on her annual predictions for the year ahead either. No psychic does, none of them can do what they claim, every single one of them is a fake. Most of them probably don't know they're fakes, it's not a deliberate fraud, they're just self-deluded, but any thorough analysis of their activities demonstrates they cannot really do what they claim at any level better than random guessing.
And no, I am not biased, except in favour of logic, reason, and evidence, which I should point out are the only reliable methods we've ever found for testing the truth content of ideas. I am merely stating that if psychic and paranormal phenomena are real, show me the evidence. Prove the case, and if you can't, I'm not going to believe you. You can't just make the claims then argue that because I can't definitively prove you're wrong, there must (or even might) be some truth to them, that's completely illogical, but it's essentially your position so far. A position unsupported by evidence is propositionally vacuous. I could claim there are invisible orange monkeys in my basement, and there's no evidence you can produce that'll prove me wrong, but would you believe my claim without any evidence? If you do, that's carrying open-mindedness to the extreme of having your brains fall out.