My league does have a cash payout but honestly it's still all about the trophy.
In our second season on our league went out and got a high quality looking trophy: silver cup, cherry base with 20+ spots for champions. Unique team plaque on the front. It's awesome and it's the main thing guys care about in the league. We also have a last place shame outfit that must be worn during the draft and at other official league events. As the league grows the trophy gets involved in high-jinks (lost at bars) and the shame outfit becomes more and more worn, each develops its own sort of aura. Every year we take a picture at the draft with all past winners, if you're wearing the shame outfit you're disqualified from the photo. In group chat the champions photo is great for smack talk when a non-champion goes on a winning streak.
If your leaguemates are all bonded around some common theme - go to Uni together? play soccer together? you could base the trophy on that, otherwise a classy looking cup you'd be proud to display and drink out of has done the trick for us.
If you're 10-12 guys then even a $300 trophy becomes pretty affordable.