Chairman's Blueblood Award
This new award was unveiled by Bill Kenwright who said it could go to anyone who embodied the true spirit of Everton Football Club.
Mr Kenwright eventually revealed that the two Tims would share the inaugural version of this prize, as chants of 'USA' rung out around the building.
"What an honour" said Howard. "It's a fantastic Club and as long as they will have me, I will be here."
Cahill continued: "Since I signed from Milwall, I said it was a dream come true, players like Tony and Ossie taught me what it is to be Blue and it was a privilege to be captained by Phil Neville. Hopefully we can do something special."