Joey's won for eight straight years now.
It is actually incredibly disgusting to even watch, yet there were apparently thousands of people who stood in the rain to see the event for themselves. The contestants dunk the buns in their favorite drink, so not only are they far easier to gulp down they don't have to take the time to drink. They basically don't eat anything as much as just shove it down their throats.
During the coverage, a talking head showed what happened to their stomachs by pounding 60 hot dogs down the throat of a model into a balloon stomach in a similar fashion. He said that it was like becoming 9 months pregnant in 10 minutes, and the balloon was about that big.