Cerulean is the brand name. It is a shade of blue, so I think that it makes sense for that to be featured in the logo or the packaging for the lures. Note that it could be that the packaging is partially blue, and the logo is not.
This design competition is for a logo, but there will be follow up business to do packaging design for whoever is the winner.
It is important to consider the ultimate packaging in designing the logo. I have attached some samples of other lure packaging. The style that I will go for is the clear bag with the cardboard tab at the top. In these examples, 'Xesta' and 'Evergreen', 'Shout', and 'Lamble Bait' are the manufacturers whereas 'Slow Emotion', 'Caprice', 'Lighten' and ' Haoli 8' are the corresponding model names.
So the Cerulean branding will be used in conjunction with a model name - the first confirmed one being 'Slow Jam'.
NOTE - these jigs can be used for a large number of species of fish, so I am reluctant to have a logo that includes a particular fish as that may not be the target fish of this lure