According to a very reliable user on Reddit, who is also known as ‘The Belt Guy’ on BeltTalk.com, the design was leaked to him by multiple sources at once:
Is the same belt with different wording. Raw belt will have red behind logo. Smackdown will have blue.
edit: I had multiple sources leak it to me within the same time period. Trying to get a confirmation on the bad rendering below…..
The render has not been confirmed yet as the new design for either title: