You can get any kind of paper to put on your board and then cover that with the clear contact paper. The contact paper was designed to be used as a drawer and shelf liner and it is located where the home organization stuff is in stores. I've used it before but am not crazy about it. I find that whatever paper I use will be dulled considerably because of the opacity of the Contact paper. It technically IS 'clear' in that you can see through it, but it is not super clear.
I use primarily white freezer paper to cover my boards. You find it in the foil section. It's food safe so you can apply your cake directly to it. (With the contact paper you need to have your cake on it's own little cake circle so it won't be directly on the surface) It's sturdy...easy to clean (shiny side up!) and looks very nice when you wrap a coordinating ribbon around the sides. It's also cheap. Depending on what the cake design is, I will sometimes bring elements of the cake (vines, flowers, etc.) down onto the board to tie in with the cake more. I have covered with fondant before and I do love the look, however it is a PIA (for me anyway) to apply. If I practiced more, I'd probably get better at it!
HTH!