I think we should have cups with editions.
For example, you could set a number of teams to participate in every edition, and a table showing all the previous winners of the cup.
Like if you want to create a cup named English cup every season, you could have English cup (edition I) English cup (edition II) and so on. You would have a table showing every previous winner of the cup and how many editions has each team won. This doesn't mean you have to invite only the teams that participated in the last edition. And there would be an option if you want to put your cup up with editions or just a simple cup.
We could also have cups that have their own prestige, depending on the quality of the teams that participate and the money that the cup hold/held in the past. The prestige would also depend on the amount of editions of the cup have been played.
Also, i think the creator of the cup should be able to add more money to the cup prize once created, i mean we could put our money in the cup to attract more teams. And let other teams see how much has the cup have for it's winner/s.
I was just thinking about this, it just popped up, maybe i didn't explain it good enough, but oh well i hope you get my point.
