Creating a Fake Mat effect around Text

I'm in need of some kind of method, probably through Photoshop, to create fake but realistic mat cut effect around text. I've used the bevel effect for a few items, but I want something more realistic that's easily added to other text/fonts. If there's are a few steps in the process, that's fine. But it certainly has to look like it was cut using a mat cutter. I provided a great example below, example: [login to view URL] - close up look is midway through the page If you can provide a sample of what your effect that would be great. Please use the word Bulldogs, with the Freshmen font. (I have a sample of what that looks like cutout.) I didn't know what to set the budget for this project at, so please bid accordingly.