If a team's last player is ejected due to a cheat token, is that team still eligible for the team zone payout? My playing group has assumed that the team is no longer eligible since the team zone is now empty and thus unclaimed.

Correct...no lootz for you

Indeed, Cheating is resolved before resolving the matchup result, so as Hando says - No lootz for you, and also in a Highlight - all the lootz for the other team