I need to make it for $50, that is one rule too.
... for the airframe, I assume.
Is the object of the competition to simply BUILD something within those specs, or are you competing for time, distance, or whatever?
Well, as a starting point, I plugged some numbers into WEBOCALC and came up with the following.
20 lb total weight
7 foot wingspan
20 inch chord
Gentle scale flight of 20 minutes
here is one solution ...
Exceptional Outrunner motor 180 kv
10S 8000 battery
47 amp used (use 60 amp ESC)
21/14 prop
84 watts/lb
27.4 oz/ft2
gives 250 oz thrust for gentle scale flight
stall speed 26mph
cruise speed 64 mph
15-26 minute flight depending on throttle use
Good Luck!