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Wiktionary
wet t-shirt contest

n. A contest in which women wear t-shirt that are wet to make them slightly translucent so the breasts are visible, and others judge the women on appearance.

Wikipedia
Wet T-shirt contest

A wet T-shirt contest is an exhibitionistic competition typically featuring young women contestants at a nightclub, bar, or resort. They have traditionally been a staple of college spring break celebrations at locations such as Daytona Beach and CancĂșn. A wet T-shirt contest is not, however, a swimsuit competition.

Contestants generally wear white or light-colored T-shirts without bras, bikini tops, or other garments beneath. Water is then sprayed or poured onto the participants' chests, causing their T-shirts to turn translucent and cling to their breasts. Contestants may take turns dancing or posing before the audience, with the outcome decided either by crowd reaction or by the opinions of judges.

In racier contests, participants may tear or crop their T-shirts to expose midriffs, cleavage, or the undersides of their breasts. Depending on local laws, participants may or may not be allowed to remove their T-shirts during their performance.