To me, that would be playing too much favoritism, which it already foots the line of as it is -- considering there's many of us that know how hard it is to get loves as is. And supposedly this system was created to eliminate the thoughts of people that thought the past way was unfair. It's now become a bit more unfair, in mine and some others minds, and you're suggesting to make it more so. There's too many ways (that ARENT based on QUALITY) in which you may get stiffed from getting a lot of love its. So basing it upon love its as-is makes it a bit unfair, and then taking your way and only picking the people that got the most loves of the month from that contest would make it more unfair.
Btw, I don't know if it's four or however many. Just going on past comments and questions and posts. And I am not devaluing your idea, so please don't think that. I can see how some would think that would be fair -- if they're ones that are HERE all the time and manage to get into the contests where CHs utilize loves, and all other factors -- then yes, they'd think it was fair and more earned. But a majority of people barely fit that category due to many factors that have nothing to do with lack of quality.
IDEA: Instead of basing awards to non-rated abandoned contests ust on 5 loves with a month, if you don't meet the five loves maybe you have to meet 10-20 likes within a month. Makes it more balanced and fair. I don't know, just an idea.