Three ideas....
How about picking an area thats ripe for a new regional (lots of employers, lots of schools, need for jobs in technical fields) and using some of the money (not ALL of it, I'm not done yet

) to get the regional running successfully.
Use the remaining money to sponsor new teams. Err on the side of quality over quantity. Make sure your new teams "stick" by getting committed sponsors with technical mentors and funding the teams with enough cash to keep them from struggling. Make the teams fundraise enough so that they know what it takes to keep the team going in successive years.
Pony up another $250k the following year

)
Ken