I'm still work in your tournament. and I would be happy if you give some feedback for my designs. Please don't hesitate to tell me, If there is need to be changes.
Actually - stick to the round bag. Are you able to see what it looks like with..
1) The letter in panels and smaller in the circle. 2) The letter with a panel texture but not actually made up of panels. 2) The bag is in panels but the letter is solid filled and is in front of the panels
Could you also try different fonts for the letter "e". I would prefer something closer to script writing than making it formal rigid letter.