With all that the Olympics have become - a myopic focus on medalling and oversaturated media coverage of high-profile events - there is a way to recognize outstanding achievement that has not resulted in a medal: instituting a "Best Ever" medal in which a competitor is recognized for achieving a best ever (non-medal) Olympic result for their country.
Think of the effect it would have on the athlete, sport, and country if these competitors were recognized at medal ceremonies.
The IOC's mission includes encouraging and supporting the development of sport. A Best Ever medal would go a long way toward that.