an award in Australian Rules Football which is given to the worst player that has made some kind of an improvement in there skills (usually only slightly). second worst accolade you could win in local league aussie rules behind the Coaches Award.
“Jacko played pretty bad this year, but he made a decentkicking improvement over the home/away season, lets just give him MIP”
As you and your friend stop into the local convienience store for a slushie, you spot a tall, white and trashy gentleman sporting what appears to be a mullet. To notify your friend, without making it obvoious your making fun of the mullet, a quick 'mip' and a hand signal will let them knowwhere to look to see the WT.