The 2023 prize payout, based on 30 teams. Prize payout will be adjusted based on total number of teams competing. The Emo Walleye Classic pays out 100% of all prizes from the entry fees and all awards are paid out by their respective sponsors.
| 1st Place | $6,000 |
| 2nd Place | $4,500 |
| Third Place | $2,250 |
| Fourth Place | $1,200 |
| Fifth Place | $500 |
| Hot Seats | $550 |
| Elmer Haglin Family Award – Keith Smith | $250 |
| Rookie Award – Emo Walleye Classic | $250 |
| Rick Thompson Award – Vernon and Darwin Thompson | $500 |
| Junior Angler Award – Barker Logging | $500 |
| River Champions (awarded after Rainy River tournament in September, limited to anglers using a Lund boat) – Badiuk Powersport | $1,000 |
| Hidden Weight Day One – Fort Frances Times | $250 |
| Hidden Weight Day Two – Fort Frances Times | $250 |
