That style of oval is notorious for the clear peeling & making it look like that.
There's really nothing you can do to fix it easily... you could strip all the clear off, sand everything, carefully mask & paint, but that's a LOT of work & it would be less trouble to buy another oval.
Depending on the size 4 1/2", 4 3/4", 5 3/4", 7" or 9"... I can mod the "older" style ovals that I have to make the Ford script almost any color & the background almost any color. Check out my custom ford ovals thread.
I also have a couple of that "newer" style of oval in the garage. Let me know what size you need & I'll see if I have one.
Like STL mentioned, if your truck is still under warranty, it should be covered.