Thanks for all the suggestions. I found no drain hole at the bottom of the roundel, its completely flush 360 degrees.
I did manage to remove the roundel. Here's how I did it in case someone searches for this in the future.
1. Get masking tape to mask 360 degrees around the roundel. You can slide the edge of the masking tape between the roundel and the paint.
2. Use a heat gun (or hairdryer) to heat up the roundel and weaken the adhesive. Get tooth floss or fishing line to detach the sticky adhesive at the top AND bottom of the roundel. Use your fingernails to push in the tooth floss because the roundel is very flush.
3. Find the thinnest plastic card you can. Use your finger nail to create separation between the roundel and the paint, pry the top and bottom of the roundel. Now you should have decent separation between the roundel and paint.
4. Find a nylon strap (they use it to wrap it around heavy boxes for reinforcement). Slide the nylon strap from the top of the roundel and exit at the bottom. Now pull the roundel off.
If your roundel pins broke into the grommets like mine did then you can push the grommets into the trunk. Insert new grommets after. To remove the grommets that are now in your trunk, open the trunk and pry off the pins and unscrew the screws to remove the carpet portion and retrieve the broken grommets (or you can leave them in the trunk but it rattles when you flip open the trunk).
I don't think the suction cup would have worked for me because it required a lot of force to pull with the nylon strap. The roundels bended badly from the force (it was already detached from the adhesive).
Last edited by ap47; 01-01-2013 at 06:18 PM.