There are several campgrounds (state and federal) in the area near or on Steamboat Lake State Park and Pearl Lake State Park. Additionally, there are a few resorts with cabins in the area. Book any of the above early, because they fill up quickly. There is also free camping in the National Forest. Ask the race director if you want free camping options.
Additionally, there are many places to stay in and around Steamboat Springs, including cabins, hotels, and campgrounds.