The only way $1M can be won is if the cables are tested scientifically, using a tone generator and oscilloscope, to feed a signal in one end and measure how perfectly that signal arrives at the other end.
A listening test will never work due to the subjective way we listen to music, and the simple fact that a component that sounds better to one person will sound worse to the next. No two listeners can ever hear exactly the same thing due to our ears and brain differences.
Few audio enthusiasts would doubt that good quality copper/silver cable with properly machined terminations will "improve" a system's accuracy. The true question is: at what price point does that improvement level off, rendering any more cash a simple waste? That's what Randi is getting at, the fact that a $7000 cable is not going to give a 100 fold improvement over a $70 cable, and may not even display any improvement at all.