It should really be limited to a maximum of 2 icons in my opinion. The recent events have mostly had 1 icon, if any. Award icons need to stay rare to maintain their value, as some of them have been very difficult to obtain (think about the 60 player tourneys).
Maybe I would tolerate 25% of the players receiving an award icon if it required a high amount of skill to be in the top 25%, but when a bad player can be on a winning team, I think that only the best player(s) should receive an icon. I suggest that the 1-2 players on the winning team with the most points scored or the best win percentage win the icon.