I have no idea how it is done at the moment, but i imagine it would be great fun to have the owners in multiplayer leagues vote for all-star teams and year end awards. Have every owner nominate at most 3 pitchers/batters from his team for the all star team and one for each award and then have the owners vote, with detailed results given on PSPN.com. It could be just like real live: undeserving winners, lobbying, complaining...
this could also be implemented in single-player mode, with the owners/coaches that are computer run each having "unique" identities that make them choose a certain type of player over another or something like that, something basic but better than the formula now which seems to rely too heavily on RBI. That way at least the human player could feel like they are a small part of the vote