Channel Flip - Comedy spots submission

Does anybody know how come a video I submitted to Comedy Spots, now says on my YouTube page:

Your video may include the following copyrighted content: Audio-visual content administered by:
Channel Flip

Does this bit below mean, that they own it now and not me?

By entering the competition entrants agree to assign to the Promoter (as directed) with full title guarantee all intellectual property rights in any Footage throughout the world for the full unexpired period of such rights and all renewals, reversions and extensions of such period as may be provided under any applicable law throughout the world.

Yes its pretty standard.

Once you send material to a contest or whatever you give up all rights.

I'm building up quite a stack of copy right and none disclosure agreements next to my scanner.

Thanks Sootyj, I didn't know that, but it makes good business sense I suppose, ah well at least I know for next time.

Perhaps next time I could put a secret message in them when played backwards, some sort of devil worshiping thing, as a sort of get out clause.

Thanks again for your reply