Coach Blair Wilce said it had been one of the best teams he had been involved with.
"This year we have had 15 guys step up each week.
"It's a special team that hasn't just relied on one or two players.
"We're here to celebrate what you have done this year. We didn't quite make it ... but in general, we've had a pretty good year."
The Arrowtown Bulls player of the year was newcomer John Morrison, who also picked up the Players' Player of the Year.
Award winners
Attendance: Kane Dodds
Most Improved Player: Iain Banks
Outstanding Contribution to the Team: Aidan Winter
Coaches Cup for the Players' Player: John Morrison
Top Points Scorer: Reece Winter
Top Try Scorer: Ben Chisholm
Most Promising Player: Jone Nayaloga
Forward Player of the Year: Nathan Pullar
Backs Player of the Year: Nathan Jolly
2010 Player of the Year: John Morrison
Arrowtown United Players' Player of the Year: Alana Talbot