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.
優勝杯 is the general term for a championship trophy, while 賜杯 refers specifically to a cup awarded by the Emperor.
Compound of 優勝 (championship, victory) and 杯 (cup, trophy).