This isn’t really a team award strategy but one thing we allow project managers to do is maintain a budget to award employees each month. What part of that requirement is to be innovative. We try to personalize the award as much as we can based on the employee’s preferences/interests. Past examples include caps/redskins tickets, top golf gift cards, restaurant gift cards (foodies love this!), concert tickets, blue label scotch (super popular), etc.
We try to demonstrate that the project manager is interested in the professional development of each rockstar on the team by rewarding them with more of an award that fits their personal interests. Doesn’t work all the time, but has proven to be a great motivator for us! And if you are unsure of someone’s personal interests than a quick scan on social media can tip you off in a hurry.