My friends and I have been doing this for the past 5 years.
The categories include but are not limited to...
Most Valuable Friend of the Year
Best Duo
Underminer of the Year
Event of the Year
Quote of the Year
Hubble of the Year
Rookie of the Year
Etc...
The award ceremonies usually lead in to some really memorable parties. Parties which have dissolved friendships, forged new ones, and were the stage for some of the most embarrassing displays of human irrationality I have witnessed.