consolation prize

a prize, usually of minor value, given to the loser or runner-up in a contest, competition, etc., or to all losers who have performed well or met certain standards.

1885–90 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
consolation prize
a prize given to console a loser of a game

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Example sentences
They got to walk away with a barrel of local rum: a not-too-shabby consolation
  prize by any standards.
Take this as either a consolation prize or more torment.
But his consolation prize is a tournament he believes the sport of wrestling
Their message-that a good life can be had outside baseball-comes off as a dim
  and high-minded consolation prize.
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