I don't know about the "better" part - I think demonstrating the ability to distinguish between cables consistently beyond statistical chance might be sufficient.
On the other side, though, I can't say that the million dollar offer isn't its own form of hype and BS. Randi gets to set all the conditions for the tests so he can design it such that he can't lose
"At JREF, we offer a one-million-dollar prize to anyone who can show, under proper observing conditions, evidence of any paranormal, supernatural, or occult power or event. The JREF does not involve itself in the testing procedure, other than helping to design the protocol and approving the conditions under which a test will take place. All tests are designed with the participation and approval of the applicant. In most cases, the applicant will be asked to perform a relatively simple preliminary test of the claim, which if successful, will be followed by the formal test. Preliminary tests are usually conducted by associates of the JREF at the site where the applicant lives. Upon success in the preliminary testing process, the "applicant" becomes a "claimant."
To date, no one has ever passed the preliminary tests."
http://www.randi.org/research/index.html
As far as I know, it costs nothing to apply, although you must "have a media presence, which means having been published, written about, or known to the media in regard to his/her claimed abilities or powers."
The actual application is
here.