The fact that the trophy was not presented to Magnum during the event does not negate the fact that he had been selected as PI of the Year, yet for most of the episode the characters behave as though this was true. In such circumstances, the award would have been presented privately. For the story to assert that Magnum did not win the award because of the death of a speaker reveals a lack of common sense by the writers.
At 44:26 (when TC is talking) the boom mic is briefly visible at the top middle of the screen.