1b) Better yet if they have been in an all star game add a trophy to their picture forever like the one that is on the all star page.
That, or at least something on their player page about number of appearances/starts. Trophies can take up room, so maybe it would be best to simply have a link on their player page off of the number of appearances/starts that takes you to the detailed history, which could include trophies I suppose.
2a) Have an all star MVP. This could be as simple as the best rated player on the winning team, the top scorer on the winning team or the person with the best overall stats on the winning team (just add pts, rebs, stls assists and blocks). Record this in the players history.
2b) Give the MVP a trophy.
This could be acceptable I suppose. I like this better than a trophy for every all star.
3a) List the players who are in the 3 point competition in their respective player histories.
3b) A trophy.
3d) Multiple trophies.
An award for winning, and maybe even for being runner-up in the 3 competition would be fine. But tell me honestly, without looking it up, who came in 5th in the 3-point competition in 2005? Do we really care? Should there really be an "award" for being that person?
4) Ok this will be even more debatable and I am sure lots of people will disagree. A cash reward for your player being in the All Star Weekend. We all know this happens in real life, All Star players do sell more jerseys just by being an all star. Lets do it in the game too. Don't make it a big amount but how about $5,000 per player and $2,000 per 3 point player. For most teams that would be like about $12,000, maybe some might get $30,000. Is that going to change the economy? Nope but for low level teams a bit more cash is always nice. Maybe the MVP can get a bigger bonus like $10,000 extra.
I think this already happens to some degree via attendance/sponsorship money increases for having better players on your team, and it would be a bit redundant. Not really a fan of this one.
5) Ok this has been debated elsewhere but how about a slam dunk comp? Would need a few hundred lines of description written but the team can always get some keen players to do it in exchange for free supporter packages. How do people get in? How about the 4-8 players who had the most dunks during the season? Alternately maybe a combination of (this is off the top of my head) driving x2 (this is the closest we have to speed), outside defence (seems to be closest to agility), inside defence (strength), rebounds (leaping) and a random (or hidden!) number.
The process of determining winners of 3-point shootouts in buzzerbeater is relatively straight forward (assumption). What stats would you combine to determine a slam dunk winner? If you base entry solely on number of dunks, players like Spud Webb would never have gotten a shot at competing. The competition would be full of 7'+, lanky, uncoordinated centers who do little more than stand underneath the hoop and wait for the ball. Many of the best "show dunkers" can't play worth a lick, and wouldn't play enough to get an entry bid. And let's be honest. How entertaining could it really be to watch a dunk competition in a text-based game? I just don't see this addressing the problem you want to see fixed: lack of enthusiasm about all-star week.