One of my pet peeves when entering contests is the number of entries, a quick look shows thousands of entries but you can easily earn many entries. I do agree that some require more effort and may be worth more than others, but why not just have them at 1 entry / 2 entries rather than all options starting at 5 entries.
Does it look any better to the sponsor when you say we had 7000 entries? Maybe, but I would take a guess that they checked out the contest and saw that each person could earn up to 100 (or in the image above, 45) each too. so know that the outreach on the giveaway was much less.
For me, I often look for soon to expire contests with low entries so it actually puts me off entering when I see a crazy amount of entries for a contest as you do not see how much the options are worth until you have completed the mandatory entries (and pet peeve 2 – making liking you on facebook/twitter mandatory before seeing options).