HI,
I enjoy looking at the ribbons and rosettes I won at the State and Lake County Fairs. The only time I won Best of Show, it was an engraved plaque now hanging over the kitchen sink. My only disappointment with my plaque was its' universal shape. The following year the same plaque was shaped like Illinois. All these awards were accompanied by a small token payment, which was appreciated as well.
If your competition is merit and achievement related, then a plaque for their wall, a certificate for their files (for resumes) and a small cash payment is a great way to go. I was in a real estate developer's office recently. He had industry merit awards backlit and presented like Academy Awards. He was obviously proud of his accomplishment.
If your competition is more like a people's choice award, then something token and some cash.
I guess you can tell I respect merit and achievement over popularity. I don't know the nature of your competition, an appropriate recognition is really based on how high an honor it is to receive it.
Regards,