I wouldn't mind seeing this become a bit more private, like maybe an email submission or a web form that didn't display publicly. I just think it becomes a bit of a popularity contest... not necessarily a bad thing, but I just think awards are a bit more meaningful when say, 5 people take the time to submit someone's name after coming to the decision independently, rather than say one person posting on a thread and 9 people just agreeing that it's a good idea (not necessarily coming up with the idea that the person deserves to be awarded independently.
For a form, you could include a text box where people can say why they think someone is deserving, give links to example posts, etc
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