Does the race do medals for all finishers? An iTab or custom engraving on the medal with name/place/time. If it’s in the budget, some sort of display case for it (maybe just for overall top 3 and/or AG winners).
If there’s a local artisan who makes cutting boards/coasters/picture frames, something from them (you can get an array of stuff and do the awards draft-style, with overall winners called up to pick first, AG winners getting called up next, then AG second-placers, etc). If you do the picture frame you can send them a picture of themselves from the race/awards ceremony afterward (possibly with name/place/time printed on it).
Sometimes it doesn’t have to useful to be cool—race by the ocean? Buoys! Around a lake? Oars. In an equestrian area? Horseshoes! Trail race in beautiful woods? Wood cookies from a fallen tree. Around opening day? Mini baseball bats. On Super Sunday? Nerf footballs! Any of these things can be printed/customized/branded.