The purpose of the award was to expose parapsychological, paranormal, and psychic frauds whom Randi had noted over the previous year.

In Flim-Flam!, Randi states: The trophy consists of a stainless-steel spoon bent in a pleasing curve (paranormally, of course) and supported by a base of plastic.

Any baseless claims are rationalized in approved parapsychological fashion, and the results will be published immediately without being checked in any way.

Winners are notified telepathically and are allowed to predict their victory in advance.The bent spoon trophy is a reference to Geller's claimed spoon-bending abilities.

The logo of a winged pig was designed for Randi's website by German artist Jutta Degener in 1996.