Here's the heirarchy, as I understand it:Quarter-finalist: about the top 10-15% of submitted manuscripts, as selected by the preliminary judge.
Semi-finalist: about 10 manuscripts each quarter that didn't quite make the cut for finalist. These stories get a critique from the preliminary judge.
Finalist: About 6-8 manuscripts each quarter that are sent to the panel of judges. Finalist stories that do not make it any farther receive critiques from the judges.
Published Finalist: Stories accepted for inclusion in the anthology even though they do not win a prize. Stories are bought at a professional rate. Some years there are no published finalists; other years there have been several. Published finalists are still eligible to enter the contest.
First, Second and Third Place Winners: There are three prize winners each quarter, getting between $500 and $1000 each. They are also paid for their stories at a pro rate.
Grand Prize Winner: Each year, one of the four quarterly first-place winners is selected for the $4000 grand prize.
All the prize winners and the published finalists are flown out to Hollywood for a week-long writers' workshop and the awards ceremony.