According to their power I would say that you can do this on any contest that the Paragon player is apart of. The balancing part is that they have less players to use. Unless you get really lucky with drawing some Hail Mary tactic card that player is probably only going to do this once per period. Which means as his opponent you need to be ready to bluff the heck out of that player.
I've used it as many as 3 times in a period when I had Hail Mary (just one copy). I agree that it's any contest. Benching a figure is a high price to pay, especially if someone Kaoswarps the contest to a do-over.