Various embodiments of a gaming system and method are disclosed as having placeholder symbols and replacement symbols. In some embodiments, the gaming system generates a plurality of replacement symbols. If the gaming system also randomly generates a placeholder symbol, the gaming system randomly determines which one of the generated plurality of replacement symbols to associate with the generated placeholder symbol. The gaming system may replace the generated placeholder symbol with the associated replacement symbol. In some embodiments the plurality of replacement symbols are generated and displayed above the generated placeholder symbol such that the associated replacement symbol is pulled down to be applied in place of the generated placeholder symbol.