A tribute could include taking the form of having an NPC, weapon, etc. named after the first place winner.
In addition to that there's $2250 for second place finish, $1500 for third place, $1000 for fourth, and a $250 for secondary winners. Considering how much time and effort people put into their costumes, it's nice to see the possibility of a few people at least getting a little compensation for that. If you're interested in entering this year, head to the official site now.