a long, tapering flag or burgee of distinctive form and special significance, borne on naval or other vessels and used in signaling or for identification.
any relatively long, tapering flag.
a flag serving as an emblem of victory or championship, especially in baseball.
Music. hook ( def 12a ).
Nautical, pendant ( def 6 ).

1605–15; blend of pennon and pendant

pendant, pendent, pennant, pundit. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
pennant (ˈpɛnənt)
1.  a type of pennon, esp one flown from vessels as identification or for signalling
2.  chiefly (US), (Canadian), (Austral)
 a.  a flag serving as an emblem of championship in certain sports
 b.  (as modifier): pennant cricket
3.  nautical another word for pendant
4.  same as flag
[C17: probably a blend of pendant and pennon]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1611, "rope for hoisting," probably a blend of pendant (q.v.) in the nautical sense of "suspended rope" and pennon (q.v.). Use for "flag on a warship" first recorded 1698; "flag symbolizing a sports championship" (especially baseball) is from
1880; as a synonym for "championship" it was first used 1915.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
The pennant races may never be the same, as owners tamper with tradition to placate television.
TO be in a pennant race is to try to minimize the reality of a pennant race.
The pennant shall be spliced on a thimble and shackled into the bitter end of the top chain.
In baseball, it is considered poor form to watch for other teams' results on the scoreboard during a pennant race.
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