Was a CFF ice fishing competition at Wellington Lake (maybe ten years ago)? It's a privately owned stocked C&R lake. Very pretty undeveloped location near the Colorado trail, you do have to pay to fish there. Popular summer spot for families day camping and such for many years.
The mutually agreed upon location outside Bailey was convenient and the name was a satirical reference to the general reputation of the place at that time of having a large number of suckers and small stockers vs more desirable large sport fish. There were supposed to be a good number of large browns. I never made the event myself but it myself but sounded like fun and a good opportunity to meet and fish with CFF members, put names with faces etc. "Trophy" for the winner was a painted toilet seat.
As I recall it was to be a one time event initially and then happened a couple more times after that. I don't recall who ended up with the trophy. At some point the new owners of the facility put some effort into improving the quality of the fishing. I think there was some other development as well, maybe high end vacation cabins or something. A person who worked there did post on CFF for a while and asked that the name be changed -- can't really blame them for that.
Anybody else feel free to jump in here with better info or corrections.