Give one balloon to each player, but tell them to hold on to their balloon tightly so they don't let the air out. The goal is to see which balloon comes closest to the object. The balloon that comes the closest wins. In relays you can walk, skip, hop, run, walk backwards, anyway you want the players to get from here to there. If you do not have that many players then let them play individually.
Color code the teams or the players by balloon colors if possible.
Make sure that all the players get their turn. Don't stop when the first team crosses the finish line. Have a starting and finishing line. At the starting line give the first players on the team a balloon. Have the players balance the balloon on their finger or in their hand.