According to CelebrityNet-Worth.com, since 2005 Chestnut has earned roughly $1.5 million for his eating prowess, including sponsorships. He recently launched "Joey Chestnut Select", a line of condiments that includes Chestnut's Firecracker Mustard, Boardwalk Coney Sauce and Deli-Style Mustard.

Profits from online sales of the condiments have benefitted Hidden Heroes, a charitable program for assisting wounded US soldiers.

"Nobody gets real rich in competitive eating, but you can earn a pretty comfortable living doing this," Chestnut said in an interview with ESPN ahead of Saturday's contest.

"My ultimate goal, to be honest, is to win enough money to build and outfit a new cafeteria for my old elementary school. That's kind of where I first discovered I had a talent for eating, so I'd like to give something back."

As for what it takes to always be "on" when the bell rings, Chestnut said his biggest rush comes from the roar of the crowd.

"I love the competition and the crowds. It's a real rush to go out there and have to defend a title or try for a new one … but it's a much different vibe this year, with no fans in the stands and nobody cheering. I miss the people, but I'm not gonna let that affect the way I compete."

True to his word, he was able to adjust.

"I didn't consciously start to miss the crowd until the sixth minute … then I hit a wall," Chestnut said after being presented with the Mustard Belt. "Being inside helped. I knew I was on track for the record; I got my rhythm early and never looked back."