Was going to enter a local comp the other week but when got around to reading the rules I came across this

By entering the Contest, all Entrants grant non-exclusive license to the Winton Wetlands Committee of Management INC, to reproduce, distribute, display and create derivative works of the entries (along with a name credit) in connection with the Contest and promotion of the Contest, in any media now or hereafter known, including, but not limited to: exhibit; produce publications (marketing material etc); online at the Winton Wetlands website or any social media pages; print media.
So being relatively new to this sort of rules etc.......could someone please explain in plain English for me.
To me it seems they are asking the entrant to sign over the copyright to the images......right or wrong?