That is not socialism. Socialism is NOT defined by equality of outcome.If it isn't socialistic, what is it? Socialism promotes equality of outcome over reward for effort and success. That alone eliminates competition. Limits on competition are not good ideas unless you are refering to basic guidelines like rules in a game that apply to all. There should not be a limit on how many points you can score.
And, socialism is not a limit on how many points you can score, to use your analogy.