award of excellence; merit award
A prize given for outstanding achievement, often in competitions, exhibitions, or academic contexts. It is typically one level below the top prize.
She received an award of excellence at the painting competition.
The works selected for the merit award will be exhibited next month.
入賞 means winning any prize, while 優秀賞 specifically refers to an excellence award.
Compound of 優秀 (excellence) and 賞 (prize).