My favorite award that 1675 usually gives out is the Martha Stewart Pit award.
They give it to the team whose pit they like the most.
I once suggested it be given to the team who comes closest to breaking the rules without getting caught but that's not quite GP (and she got caught)
In the past we have voted on who to give the awards to on Thursday and Friday afternoons/nights, and we make a big commotion in the pit when handing them out.