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Longman Dictionary of Contemporary English
consolation prize
noun
EXAMPLES FROM CORPUS
▪ A merger with Rediffusion for the weekday contract was a consolation prize for them both.
▪ Hendry, who compiled a clearance of 123 in the tenth frame, collected the consolation prize of £14,000.
▪ The consolation prize for picking four of six numbers in Lotto also is predetermined.
Wiktionary
consolation prize

n. An award given to persons or groups of people who do not win an event but are worthy of recognition, especially in a game show.

Usage examples of "consolation prize".

But, even for the Yanks who'd gone to Mars and then come home again, it must have seemed like a consolation prize.

And, as a mere matter of ficfect, I tell of myself how I popo possess the ripest littlums wifukie around the globelettes globes upon which she was romping off on Floss Mundai out of haram's way round Skinner's circusalley first with her consolation prize in my serial dreams of faire women, Mannequins Passe, with awards in figure and smile subsections, handicapped by two breasts in operatops, a remarkable little endowment garment.

In fact, initially he had thought that receiving this medal was a mere consolation prize, a bauble to make him feel better about his sacrifices.

I will not go willingly to a man as the consolation prize for losing this war.

Instead they presented me with that damned white card-like it was some sort of consolation prize, or maybe a wafer for some sacrament-and they sent me back to my native planet, back to poor old Garth.

Instead they presented me with that damned white card -- like it was some sort of consolation prize, or maybe a wafer for some sacrament -- and they sent me back to my native planet, back to poor old Garth.