*notes: if you want to make it look like the VS one pictured above, you can fold over the edges under the arms and stitch a simple tube all the way around. Stitching a ribbon or rope at the top of each side & pushing it through. Cut a hole at the bottom of the tube to push ribbon/rope out of, cinch and tie in a bow. Simple enough.
* If you want it to cover more in the front and sides, make your initial mark further up the neck line and make your side cut shorter as well.
This DIY took between 5-10 minutes ...ridiculously easy!