noun
championship cup; trophy
Refers to the physical cup or trophy awarded to the winner of a competition.
彼は優勝杯を高く掲げた。
He held the championship cup high.
トロフィー is a more general loanword for any trophy, while 優勝杯 specifically means a championship cup.
Compound of 優勝 (championship, victory) and 杯 (cup, trophy).