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Trophies adds 254~286 hp and hp is a static value while the 150ish att/def from other items needs you to play beyond godlike to ever come close to matching the raw static value.
I think for most decent to good players the att/def items will add 50~150 actual value depending on how well you played.
Then we have the trophy ability. It adds around 5 seconds att/def bonus (200%) when you match 5, however its far from every game that we get the chance of a 5 bonus even if we play really well.
Overall i think the trophies are the second best item you can equip with the best being the appearance rate SS item and a honorable mention for the sabotage block for arenas.