Not looking for a can, just trying to answer your question...

US Sailing has a committee, led by Laura Sullivan, which selects the Alter Cup events. To have an event considered, there is a formal bid process and a list of conditions.

Your best bet is to visit the US Sailing website, review the conditions, and contact Laura to submit a bid.

Hope this helps.

Mike

EDIT: Also, it's far from random (this event was not an existing regatta) and currently is one-design or formula (not handicapped).