What is the wooden spoon in sports?

'Wooden spoon' is a phrase which refers to the performance of an individual or a team which finishes last in a competition. Sometimes, a mock or real wooden spoon award is also handed over to the contestant coming last. The phrase is apparently based on the fact that a wooden spoon is almost valueless compared to the winner's trophy which is made of precious metal. The term had its origin in Cambridge University where professors used to dangle wooden spoon before students who failed in examination.