A gaming system which enables a player to exchange progressive awards of corresponding progressive award levels of different multi-level progressive award (“MLP”) configurations. Following the determination of a progressive award of a specific progressive award level of a specific MLP configuration, the gaming system enables the player to accept that determined progressive award or forfeit that determined progressive award for another progressive award of a corresponding progressive award level of a different MLP configuration. The gaming system thus enables a player to swap or replace one progressive award of one progressive award level of one MLP configuration for a different progressive award of a corresponding progressive award level of a different MLP configuration. Such a configuration provides an increased level of excitement and enjoyment for certain players because the player's individual decisions regarding which progressive award offers to accept or reject determine which progressive award the player is ultimately provided.