Gaming systems and methods for operating a gaming system are provided. The gaming system includes a controller operable with a plurality of gaming devices. Based at least in part on wagering activity, the controller determines a ranking for a plurality of gaming devices in the gaming system. The controller determines a plurality of the ranked gaming devices that are eligible for a designated award and, for each of the plurality of eligible gaming devices, determines a probability of being selected to win the designated award. The controller selects at least one of the eligible gaming devices based part on the determined probability for said at least one eligible gaming device, and causes the at least one selected gaming device to provide the designated award.