I wish I were still in college and still in student government. If I were, I'd have the student governments from Iowa and Iowa State come up with a real design, make it, and then have an agreement between the student governments to have the trophy awarded to the winning team. (Kind of like how the Floyd of Rosedale tradition was developed - with a bet between the governors.) Make the trophy available on the field during the game, and encourage the football players grab it at the end of the game, and send out a bunch of press releases announcing the "bet" between the student bodies.
The traditions and trophies that last have organic origins, not corporate sponsors.
STUDENTS: YOU CAN MAKE A DIFFERENCE HERE! GET THE UISG PRESIDENT AND THE ISU STUDENT BODY PRESIDENT TO DO SOMETHING ABOUT THIS! Allocate some of your student budget for some seed money for the trophy, and then make a lot of noise about it, and I'm sure there are plenty of alumni out there who would donate money to make a real trophy.