Ok, I've talked to some people, and thought about it, and here's the first "assignment" for this group - Redo the art on an existing Magic: The Gathering card. Can be any style, any medium, size is a ratio of 1.76x1.38 (in other words, maybe 1760x1380 pixels)
http://gatherer.wizards.com/Pages/Default.aspx has a list of every card ever published, you can use this for inspiration if you'd like...remember, no creating a new card, work with existing text.
Assignment is due sometime on Friday, April 29th, posted here on the blog.
EDIT: I changed the aspect ratio, I believe it is closer to the actual cards now.