My thoughts:

a) it definitely should help, at least when you are finalist.

b) performance at competitions is important but not the only thing Google looks 
for (because at Google you sometimes need to do some other staff, not only 
competing at competitions ;))

c) b means that Google might be more willing to hire somebody from 15th place 
because he/she has specific set of skills in addition to competition 
performance than somebody from 5th place who does nothing but competitions in 
his life.

d) Say US think lawyers. So any employee at Google is told to be extremely 
cautious when talking about potential job prospects (my guess), because the 
moment you tell somebody "Yes, sure Google hires" you open yourself for 
potential lawsuit in case Google does not want to hire, say, winner of the 
contest. Because this is considered to be constructed obligation and there is 
risk of being forced to hire by judge. Of course reasonable behavior for Google 
is to avoid giving any promises.

e) I don't think Google recruiters look and assess candidates beyond 25 
finalist. That would be too much work.

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