nlobjSearchFilter functionality not available in a Saved Search criteria

I'm running into a problem with saved searches where I need the following:

- Limit the data to only show where Sales Rep is Me or My Team
- Allow Sales Rep to be selectable as an available filter
- Restrict users from being able to change the default Me or My Team filter setting

The problem is if I select Sales Rep as an available filter, users can change the filter which renders the "Me or My Team" setting useless. To work around this, one can do a Formula(Text) as the criteria filter which will still allow users to filter the Sales Rep field, but they will always only see themselves or their team members. However, what is the correct syntax? Logically, I want to be able to use a formula in the criteria that does something like this: