If you're an undiscovered psychic, soothsayer, dowser or medium, time may be running out for you to put your supernatural powers to the test and claim a million dollar prize.

But you already knew that, didn't you?

Ten years after stage magician and avowed skeptic James Randi first offered a seven-figure payday to anyone capable of demonstrating paranormal phenomenon under scientific scrutiny, the 79-year-old clear-eyed curmudgeon is revising the rules of his nonprofit foundation's Million Dollar Challenge to better target high-profile charlatans, and spend less time on unknown psychics, who too often turn out to be delusional instead of deceptive.

"We can't waste the hundreds of hours that we spend every year on the nutcases out there -- people who say they can fly by flapping their arms," says Randi. "We have three file drawers jam-packed with those collections.... There are over 300 claims that we have handled in detail."