A pennant is a commemorative flag typically used to show support for a particular athletic team

Team

A team comprises a group of people or animals linked in a common purpose. Teams are especially appropriate for conducting tasks that are high in complexity and have many interdependent subtasks.A group in itself does not necessarily constitute a team...

. Pennants have been historically used in all types of athletic levels: high school, collegiate, professional

Professional

A professional is a person who is paid to undertake a specialised set of tasks and to complete them for a fee. The traditional professions were doctors, lawyers, clergymen, and commissioned military officers. Today, the term is applied to estate agents, surveyors , environmental scientists,...

 etc. Traditionally, pennants were made of felt

Felt

Felt is a non-woven cloth that is produced by matting, condensing and pressing woollen fibres. While some types of felt are very soft, some are tough enough to form construction materials. Felt can be of any colour, and made into any shape or size....

 and fashioned in the official colors of a particular team. Often graphics, usually the mascot

Mascot

The term mascot – defined as a term for any person, animal, or object thought to bring luck – colloquially includes anything used to represent a group with a common public identity, such as a school, professional sports team, society, military unit, or brand name...

 symbol, as well as the team name were displayed on pennants. The images displayed on pennants were either stitched on with contrasting colored felt or had screen-printing

Screen-printing

Screen printing is a printing technique that uses a woven mesh to support an ink-blocking stencil. The attached stencil forms open areas of mesh that transfer ink or other printable materials which can be pressed through the mesh as a sharp-edged image onto a substrate...

. Today, vintage pennants with rare images or honoring special victories have become prized collectibles for sporting enthusiasts. While pennants are typically associated with athletic teams, pennants have also been made to honor institutions and vacation spots, often acting as souvenir

Souvenir

A souvenir , memento, keepsake or token of remembrance is an object a person acquires for the memories the owner associates with it. The term souvenir brings to mind the mass-produced kitsch that is the main commodity of souvenir and gift shops in many tourist traps around the world...

s.

Pennants as trophies

In Major League Baseball

Major League Baseball

Major League Baseball is the highest level of professional baseball in the United States and Canada, consisting of teams that play in the National League and the American League...

, a pennant typically refers to such a flag flown specifically by the National League

National League

The National League of Professional Baseball Clubs, known simply as the National League , is the older of two leagues constituting Major League Baseball, and the world's oldest extant professional team sports league. Founded on February 2, 1876, to replace the National Association of Professional...

 or American League

American League

The American League of Professional Baseball Clubs, or simply the American League , is one of two leagues that make up Major League Baseball in the United States and Canada. It developed from the Western League, a minor league based in the Great Lakes states, which eventually aspired to major...

 championship team of a given season, or to such a championship itself. The last few weeks of the regular American professional baseball

Professional baseball

Baseball is a team sport which is played by several professional leagues throughout the world. In these leagues, and associated farm teams, players are selected for their talents and are paid to play for a specific team or club system....

 season are known as a pennant race. This is a holdover from the time (pre-1969) when the league championships were determined by the team with the best record at the end of the regular season.

In Australian sports, the term flag is used in the same context. The pennant is waved around in the crowd to show support to the sport team they are cheering for.