I custom-made storyboards with six panels and space for text on each 8.5" X 11" paper. Then my team scans the storyboard pages, edits the panels with Photoshop (typing up the captions), and sends an electronic copy via Streamline (there's a folder there for the storyboards).
Yeah, it doesn't matter how good you are at art... As long as the judges can look at it and see something beyond ubiquitous blobs on your storyboard. I'd recommend drawing enough panels to have a coherent flow of the animation but no more than 20.
End result from last year:
