I like this idea a lot.
I like the "title belt" method... once you have the trophy... it's yours until someone takes it from you.

But if it's based on the 2013 configuration... we need to go all the way back to 2013 and follow the title belt from there.

What say you to this:

At the start of 2013: RICE begins the season as undisputed holder of the trophy. Why?
1. At the time, Rice had won its last meeting against all three of the others (2 of those were OOC)
2. If a similar trophy had existed among TX CUSA schools in 2012, RICE would have been the incumbent trophy holder (by beating SMU, who'd previously beaten UH in 2012).

2013 was a great year for the trophy with three of the teams in contention for the CUSA West.
Rice retains it against UTSA and UTEP, but loses the trophy (and the inside track on the division title) on Halloween Night at UNT.
When UTSA later beats UNT, it clears the way for RICE to take the division title. But UTSA finishes 2013 with the Texas Trophy!

In 2014, UTSA opens as trophy holder and defends its honor by destroying UH in TDECU (thank you, that was something Rice didn't do against UH OOC as Trophy holder in 2013). But in UTSA's first trophy defense, UTEP wrangles it away with a 34-0 shutout. UTEP defends against UNT, but hands over to RICE on 11/21. Rice ends 2014 as trophy holder.

In 2015, Rice defends against UNT but loses the trophy to UTEP the first week of November (I have to admit I'm surprised UTEP held it twice) and then UTEP defends against UNT to hold the title after 2015.

In 2016, UTEP defends against UTSA (52-49!) but loses trophy back to RICE on the season's penultimate week.

So if you all agree... this is how it should be. Everyone's had it at least once. And it's on the line in week two at UTEP.

If RICE wins then we take it to TDECU to show it off to our former CUSA TX pals and hopefully repeat UTSA's success there... and UTSA would be next in line on Oct 21.

IfUTEP wins then UTSA is still next in line but one week later on Oct 28.
Either way, UNT won't play for it against UTSA Oct 7 but might have the opportunity in November if UTEP or RICE still have it then.

Trophy Holders:
2013: RICE, UNT, UTSA
2014: UTSA, UTEP, RICE
2015: RICE, UTEP
2016: UTEP, RICE