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best grades should get valedictorian
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but whyyyyy?
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Because that's what it is. If you want to make some other title/reward in addition to or intead of valedictorian, feel free.
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untrue, that is how it is typically/traditionally done, but many other methods are used, and the word valedictorian in origin, refers to the person making the valedictory address, nothing else.
http://en.wikipedia.org/wiki/Valedictorian