There are seven awards available from here in normal play, and they're written up the middle of the playfield. Which one you'll get changes quite quickly (about 4 times a second). Once you've collected an award, it'll stay lit and won't be available again until you've collected them all. The awards, in the order they cycle, are
A random award.
One of the three video modes in the game. You'll be offered a random award if you can hit the barrel with the knife, and you have to press the "Fire!" button at the right moment.
Gee, what does this one do?
Another video mode. Hammer the fire button as fast as you can to outrun the shark and win a random award. Like the other video modes, you're told what you'll win before you play.
Awards a random number of points, which seems to be between .5M and 2.5M.
The third video mode. Press "Fire!" at the right time to land on the ship and win a random award.
All ramp shots score million plus. Note that you don't have to concentrate on a single ramp, they all go up a million whichever one you hit. This sometimes triggers cows.
Once you've shot the broadside and got the ball back, there's a two million point hurry-up award for shooting it again, which relights it. This hurry up bottoms out at 500K and times out after a while, after which point you'll have to shoot the broadside once to restart the countdown and again to get the points and actually relight it. Whenever the broadside isn't lit for an award, hitting the broadside target counts as shooting the broadside - it will start the countdown, or collect the points and light the broadside, or, if you hit it twice, do both. Once all seven awards have been collected, the broadside is lit for light jackpot. It stays lit until you shoot it or the end of the ball, and then the broadside resets unlit.