I really like the Bowl of Bones idea. Get a giant dog bowl, with alternating stripes of scarlet, gray, purple, and gold. Fill it full of golden dog bones. The winner gets it in a ceremony at the end of the annual SB/UA game, presented by the CAA commish, and the players can grab the bones and parade around the field with them. Eventually to return them to the bowl, and then into a glass trophy case in their respective athletic complex.
Keep that glass display case right near the football locker room. And on years when its empty, make sure the players see it every day.