Other forms: consolation prizes
A consolation prize is an award given to contestants who don't win. If you come in last in your school pushup competition, the gym teacher might give you a consolation prize.
Consolation prize, which dates to the 1850s, describes an honor bestowed on participants who try hard but don't come in first (or, most likely, second or third). The idea is that although a runner or spelling bee competitor wasn't victorious, they deserve a prize to console them for their loss. Consolation is derived from a Latin word meaning "offer comfort or solace."