First off now that everyone is level 80 and working on wotlk stuff, it seems many people have forgotten about this contest or dont partake in it for some reason, but of course this varies with the server.
To start out, ill cover the basics. The contest begins at 2:00 pm server time at which there will be a /y announcing the start of the contest. Horde and alliance characters alike will now be able to fish Object: School of Tastyfish - Thottbot: World of Warcraft. They will spawn all over The Waters of STV primarily along the eastern and western coasts. The objective is to catch 40 Speckled Tastyfish - Thottbot: World of Warcraft which of course are only catchable in the schools. The first person to catch 40 fish and talk to the vendor outside the Booty Bay inn gets to choose between 2 rewards, Hook of the Master Angler - Thottbot: World of Warcraft, a trinket that turns you into a fish giving you water breathing and increased swim speed, and Arcanite Fishing Pole - Thottbot: World of Warcraft a fishing pole that gives +35 fishing. There are also 3 random fish you can catch randomly inside the schools but i wont go into those because they are 100% random.
Currently the Arcanite Fishing Pole has the most +fishing skill making it extremely valuable to people that fish for money or w/e, while the trinket only entertains and doesnt really pose any means to profit from. I am here to help you increase your chances of winning this tournament, if you choose to partake in it, and help you make the best fish gathering choices.
It starts with Weather-Beaten Journal - Thottbot: World of Warcraft which teaches you how to track fish on your mini map. This is the most important part of having an advantage over your opponents because if you can see where there are schools around you, and they cant, you can move straight to pools while they look around wasting time. You can normally fish this out of floating wreckage nodes, in the form of a Curious Crate - Thottbot: World of Warcraft.
The second most important thing to remember is if there are more than just you at your fishing node, leave it and find a new one. The schools of tastyfish normally have around 3-5 fish per node, so would you rather fight for 1 fish with 3 other peopel or move to a new node and get 4 fish to yourself?
Another helpful thing would be to have your hearth set to booty bay so when you catch 40 fish you can just hearth instead of running all the way back. The NPC you will be turning your fish into is right outside the inn with a big blue question mark. Note there will be 2 npcs with blue question marks, the one you want is in the middle, not the robot.
Now most importantly, where to fish. This is the best place i have found to fish in all of stv, factoring in crowdedness and spawn rates for the schools.
Note: My fishing skill is at 375, i didnt lose one fish. So keep that in mind, its probably best to have your skill maxed out or as high as possible.
I dont really use the area to the left of Gurubashi Arena but i have been told it has nice spawns and its very unoccupied. The area on the right however is where i like to do my fishing. It used to be more secret but lately i see 10-15 peopel along the coast line. They spawns go all the way up the coast until you cant walk anymore and typically thats where i like to fish the most, i normally see around 4-5 nodes in that area. But all along the coast has nice spawn rates. A nice tip would be to have some waterwalking potions or maybe just waterwalk if your a shaman so you can stand in the water and fish those hard to reach places or if your on the move you can run over the water on your mount instead of going around it.
All and all the most important things to remember are to leave nodes where there is competition, (some exceptions), set hearth to booty bay, get track fish, and have fun. The fishing contest happens every sunday so if you dont win 1 week come back the next. I was lucky enough to win my first week trying but now i want to come back to get the trinket. Best of luck hope you found this helpful.