I mean these people who finish lower than 3rd place have worked their butts off for th past 4 years too, so I was thinking... why not award them something... anything... just so they can go back to their day jobs with something around their neck to show for.
I suggest the following medals for the "loosing" parties.
4th place - Copper medal
5th place - Aluminum medal
6th place - Plastic medal
7th place - Cardboard medal
8th place - No medal, just a certificate saying they were at the Olympics, but didn't do sheet.
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