Ultimately acknowledge Mike with setter's award (4)
I believe the answer is:
emmy
'award' is the definition.
(I know that Emmy is a type of award)
'ultimately acknowledge mike with setter's' is the wordplay.
'ultimately' says to take the final letters.
'mike' becomes 'M' (phonetic alphabet: alpha, bravo, charlie etc.).
'with' says to put letters next to each other.
'setter's' becomes 'my' (belonging to the crossword setter).
The last letter of 'acknowledge' is 'e'.
'e'+'m'+'my'='EMMY'
(Other definitions for emmy that I've seen before include "Uncle Sam's award" , "Television equivalent of Hollywood's Oscar" , "prize for set work" , "Television award/trophy" , "TV Oscar" .)