How can I decrease the bounce rate on my blog?

Recently I created a free online magazine called Meta Haven Magazine http://metahavenmagazine.comand my intention is to create a community of viewers/readers in which everyone is actively contributing additional magazine content, items, reviews, etc. which is undoubtedly being missed by myself but most importantly being missed by the audience. In return as an incentive if the submitted material is voted upon by the community as being good enough to add to the magazine then in return that person will get the chance to have a free post to promote themselves, their blog or whatever of their choosing. I've noticed since I've launched the contest bounce rates have gone up. Would you change the value of the contest or the contest itself? Thanks – Meta Haven Magazine.

From Wikipedia:

While bounce rate is a useful tool for e-commerce sites, it is of more questionable value for sites such as news and information, where many visitors go to scan headlines and conduct research, and can find what they want immediately on the entry page. Indeed, for any kind of informational site, sophisticated users are likely to bookmark a page within the site, which then becomes their personal entry page, check it (e.g., for sports scores, the price of pork bellies, etc.), then bounce right off. The page will have done its job, but might still have a bounce rate above 80%, bringing up the average for the whole site. For such sites, metrics such as returning visitors vs. new visitors might be more informative.