Need suggestions for rewards for a mage tourney

[Simm]

What could be more valuable than knowledge?

I suggest either picking up and concealing the newest splat-book and giving out a handful of powerful spells or creating your own spells for the event.

 

[Urklore]

One of the rewards I used in my game for such a tournmaent:

Rod of Cantripical Power: This seemingly normal 2-foot rod of iron is a potent aid to all spellcasters who prepare cantrips (clerics, druids, and wizards). Once per day on command, a rod of cantripical of power enables the possessor to recall 1d3 0-level spells that she had prepared and then cast. The cantrips are prepared again, just as if it had not been cast. The rod can otherwise function as a +1 light mace.
Mild transmutation; AC 9; Hardness: 10, Hit Points: 10, Break DC 27; Weight 5lb.

 

[Storyteller01]

An item that allows others to voluntarily give up exp with a touch (they pick how much, and the item stores it). The mage can use the exp to create magic items.

 

[mr_outsidevoice]

Power components.
substances and items that act as XP for spells or enchanting items.

Unique spells you want to introduce.

DMG II, among other places, has the concept of Magical locations that if you attune to them, you gain magical benefits. eventually the benefits expire. A sacred Shrine to a god of magic and/or knowledge would be desired by many mages.

Access to a portal network.

Entrance to a prestigious mage guild, all dues waived for a time.

Rice-a-Roni, the San Francisco treat.
A copy of the home game by Parker Brothers.

A mystic upgrade to a familiar. "Pimp my Weasel"