According to everything I've seen about the Honor system, it's not about # of honors you have, but rather a mix of:
Who honored you
-Are they super honorable themselves?
-Is this the first and only time they've honored you?
How many games you play that you earn honor in
-Did you play 100 games and get honored 100 times?
-Did you play 100 games and get honored only 10 times?
You have to be honored frequently (or, if I'm not mistaken, have a pretty significant ratio of honor "points" to games played"
Lastly, Are you receiving honor in more that 1 category? According to Lyte, you won't earn the Teamwork ribbon from just teamwork honors, it's a bit of a mix between that and the other categories. This goes for all categories (except Honorable Opponent)
It's a mix of all those different factors, and possibly some other ones that I'm not aware of, that decide if you earn a ribbon or not.