The trophy is awarded to the winner of the annual Daytona 500, known as "The Great American Race", which acts as the season-opening event for the NASCAR Cup Series (formerly known as the Monster Energy Cup Series, Sprint Cup Series, Nextel Cup Series, Winston Cup Series, and Winston Grand National Series), and is also considered the most prestigious and important event on the NASCAR schedule. The trophy is considered to be the most coveted award with which a NASCAR driver can be presented.