pennant
A long, pointed flag that often shows team or school pride.
A pennant is a long, triangular flag that tapers to a point at one end. You've probably seen pennants hanging in someone's bedroom or classroom, showing pride in a favorite sports team or college. Schools often award pennants to recognize achievements, and fans wave them at games to show their enthusiasm.
In baseball, winning the pennant means something special: it means your team won its league championship and earned the right to play in the World Series. When announcers say a team is in a pennant race, they mean several teams are competing intensely for that championship spot. The tradition comes from the actual pennant flag that championship teams receive, and winning one represents a season of outstanding performance.
On sailing vessels, pennants served as signals and identification markers, fluttering distinctively in the wind where everyone could see them. That's why pennants still carry a sense of celebration and achievement: like those ship flags, they announce something worth noticing.