There are three Red River Showdown trophies exchanged based on the outcome of the game. The best known of these is the Golden Hat, which is a gold ten-gallon hat, formerly of bronze. The trophy is kept by the winning school's athletic department until the next year. A newer trophy, the Red River Rivalry trophy, has been exchanged between the two student governments since 2003. The governor of Texas and governor of Oklahoma also exchange the Governors' trophy and frequently place a bet on the game such as the losing governor having to present a side of beef to the winning governor, often donated to charity.