Definition from Wiktionary, the free dictionary
pennant (plural pennants)
- A flag normally used by naval vessels to represent a special condition.
- The broad pennant flown by commodores.
- The church pennant indicating religious services are taking place aboard ship.
- The commissioning pennant flown on ceremonial occasions.
- (sports) The winning of a competition, represented by a flag.
- The New York Yankees have won the American League pennant far more often than any other team.
- A rope or strap to which a purchase is hooked.
flag on ship to represent special condition
baseball: flag representing championship