The gaming system and method disclosed herein provides a plurality of symbol combinations that are each associated with a dynamic award. Such dynamic awards increase based, at least in part, on one or more random events which occur in association with one or more plays of a game. In one embodiment, the gaming system increases the dynamic award of a designated symbol combination based on the random generation of another, different symbol combination. In this embodiment, if the gaming system randomly generates the other symbol combination, the gaming system: (i) provides any award associated with this other symbol combination, and (ii) increases the dynamic award of the designated symbol combination. Additionally, if the gaming system randomly generates the designated symbol combination, the gaming system provides to a player the dynamic award of the designated symbol combination.