Does winning Post of the Day get you anything, like a Get Away Today gift certificate, or a Get out of Jail Free card, or maybe the CB premium perks for free? I don't know, but it seems like the overall quality of posts would improve considerably if there was some other incentive besides the mere good feeling you get from achieving Post of the Day. Disclaimer: I have never achieved POTD, so can't fairly judge if that good feeling is enough of a reward in and of itself.
On a related note, and an idea that I know has been thrown around here a couple of times, the Worst Post of the Day should result in an automatic 3-day suspension or some other punishment so as to discourage stupid posting.