The winner got a trophy for winning. And the other trophies are for stuff like "best fighting spirit" and honorable mentions like that. I believe Chris Jericho stated in an interview once that he won a trophy for "best fighter" for his performance at the Super J Cup in 1995.
Please vote in the 2003 Pro-Wrestling Awards on my site. There are categories for best wrestler, best WWE wrestler, best puroresu wrestler, best match, best WWE match, best puroresu match and best pro-wresling organization: 2003 Pro-Wrestling Awards