To UK readers FHM championship of women is a witty play on football (soccer) which uses models as avatars for teams and then sets them against in ‘matches’ determined by surfer votes.
For the rest of us it’s best described as video clips of photo-shoots featuring glamour models in little sports outfits. FHM has a site dedicated to the rules and regulations of the Championship, or if you (wisely) just want to ogle a few “spent more time in the gym than the library” type young women, YouTube has everything minus the ‘brilliant concept’.