Definition of pennants:
(n) :
(sports) The winning of a competition, represented by a flag.
(n) :
A commemorative flag, traditionally triangular and made of felt, typically used to show support for a particular athletic team.
(n) :
A flag normally used by naval vessels to represent a special condition.
(n) :
The broad pennant flown by commodores.
(n) :
The church pennant indicating religious services are taking place aboard ship.
(n) :
The commissioning pennant flown on ceremonial occasions.