Well... stepping onstage when you have all it takes to win is a whole different story than doing contest after contest and never being noticed, ie loosing your time (and too often much more than your time).
So even though I tend to agree that your statement applies to most competitors, tatt, I truly think Mike has nothing to loose to at least give it a try.
And honestly, the only thing I see, if any, that could prevent him from reaching the top is not the competition, but politics. Cause if events are judged like they should be - fairly - it will really take a FREAK to beat Mike.
What's so different beetween dieting down for yourself or with a contest in mind anyway? When you're on low carbs you're on low carbs...