Since the addition of Nebraska into the Big Ten, and subsequent divisional alignment, the question remained as to what the divisions would be called. The Big Ten answered that question today, announcing that the divisions will be called "Leaders" and "Legends" instead of the geographic monikers some expected.
↵Penn State will play in the "Leaders" division, with Illinois, Indiana, Ohio State, Purdue and Wisconsin; the "Legends" division will be made up of Iowa, Michigan, Michigan State, Minnesota, Nebraska, and Northwestern. The new logos can be seen here.
↵I can't say I agree with this decision; the conference hired an outside marketing firm to come up with these names. The SEC (East/West), ACC (Coastal/Atlantic), and Big Twelve (North/South) made the smarter decisions, naming their divisions according to geography.
↵UPDATE: All of the new trophies have been released as well, including the crown jewel of the conference, the Stagg-Paterno Championship Trophy. This is a welcomed change to playing for the atrocious Land Grant Trophy every year.