Well, the contest for Sorcerer Supreme isn't exactly an even playing field, either. I mean gods or beings who are comprised of pure mystical energy would obviously have an advantage over a mortal practitioner. Even just your basic long-lived human would potentially have an advantage, since knowledge and experience plays a role in how adept a sorcerer is. A person with latent or inherited magical affinity might have an advantage over someone who can only manipulate magical forces outside of him or herself. At some point you just accept this and either throw your hat into the ring against all comers, or don't.
I'm guessing there are Elders of the Universe who would probably win most of these things, since the single thing that sustains them as immortals was their passion for their field of endeavor. We just haven't met sorcery-obsessed or wide gamut science-obsessed Elders as far as I know. Oddly enough, we have met Champion.
Maybe that's the next team up that I'd want to see: all of the Elders of the Universe, known and unknown, as they gather to host new candidates to the title of Elder, including potential candidates like Reed Richards, Stephen Strange, Frank Castle, and others.