prop bets imo?

Hey guys,
I was just reading about a guy who's doing a mile prop bet with his friends. He's like 6ft. 210lbs and has been a chainsmoker for ten years. For whatever reason, he has accepted a prop bet that gives him 75 days to run a 6:00 mile or better. There's honestly just no chance this guy does it. I mean, he's going to have to undergo such a serious lifestyle change (not smoking, eating well, excercising 5-6x/week, etc) and even if he does all of this, there's no guarantee that he'll be able to run a sub six minute mile. Speaking of which...

I ran a 6:04 mile during the season and have been running about 3x/week for the past 3-4 weeks. Yesterday I did 5 miles in 9:10/mile pace (not going for time, just distance). I want to train for the mile. Unfortunately, Runner's World only offers training plans for 5k+ so I can't really use that as a resource. It just kills me to be on the track for like 50 minutes at a time and I think I'll see gains more quickly when training for the mile. Now, I'm not sure what to set as the goal for my mile. Obviously, it gets increasingly hard to shave time off as your time gets lower and lower (e.g. it's much easier to go from a 10 minute mile to a 9 minute one than it is to go from 6 minutes to 5). I've never officially done sub 6, so I'm thinking 5:30 would be a reasonable goal for the summer. Let me know what you guys think and we'll figure out details.

Holler,
Yodaddy