Yup, that's correct. Why is it terrible? Aren't you super sure I'm scum? Or was that just performative drivel designed to win favour or WIFOM or both? If you're a good player you wouldn't mind gambling for your top scum read, and you still have a whole day to find a better solve afterwards too. I mean I certainly wouldn't mind going Day 1.
The benefit here is that you incentive people co-operating because it works towards a goal. And you don't need full buy in either, just a majority, and a minimum of two. It incorporates the Flower plan that you said we should follow too - just that this way we have a mechanism in place to determine targets and consequences for them being bad targets.
The floor is yours my friend.