Gloat over new trophy, perhaps (5)
I believe the answer is:
crown
'trophy perhaps' is the definition.
(a crown might be an award or trophy)
'gloat over new' is the wordplay.
'gloat' becomes 'crow' (synonyms).
'over' is a charade indicator (letters next to each other).
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'crow'+'n'='CROWN'
(Other definitions for crown that I've seen before include "The sovereign" , "Diadem" , "Symbol of monarchy" , "Top of the head; coin" , "'Uneasy lies the head that wears a . . . . .'" .)