I'd rather have a trophy because I think the entry fee would be less. I've won money in only two tournaments and neither amount covered the entry cost of the tournament. I won one trophy in a different tournament and the entry cost for that tournament was minimal.
If I were a great player and expected to finish first or second in my class, I'd probably want the money. But since I don't finish that high, I'd rather pay a lower fee to enter the tournament and have a shot at a trophy instead
But there are some IRL tournaments that gives money and trophy. :D