pennant

from The American Heritage® Dictionary of the English Language, 5th Edition.

• noun Nautical A long, tapering, usually triangular flag, used on ships for signaling or identification.
• noun A flag or an emblem similar in shape to a ship's pennant.
• noun A flag that symbolizes the championship of a league, especially a professional baseball league.
• noun The championship symbolized by such a flag.

from The Century Dictionary.

• noun A flag long in the fly as compared with its hoist.
• noun A pointed or swallow tailed flag having its fly about twice its hoist, used especially to denote the rank of the commanding or senior officer on board the ship when it is hoisted: also called broad pennant.
• noun Any flag taken us an emblem of superiority, particularly in athletic contests.
• noun Nautical, a short piece of rope to which a tackle is hooked. See pendant, 5 .
• noun In musical notation, the hook or stroke that distinguishes an eighth-, sixteenth-, or thirty-second-note from a quarter-note.
• noun See the qualifying words.
• noun Same as Irish pendant (which see, under pendant).
• noun In geology, a local name for a series of sandstones, barren of coal, which are found between the upper and lower coal-measures of South Wales: as, Pennant grit, Pennant stone.

from the GNU version of the Collaborative International Dictionary of English.

• noun A small flag; a pennon. The narrow pennant, or long pennant (called also whip or coach whip) is a long, narrow piece of bunting, carried at the masthead of a government vessel in commission. The board pennant is an oblong, nearly square flag, carried at the masthead of a commodore's vessel.
• noun A rope or strap to which a purchase is hooked.

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• noun A flag normally used by naval vessels to represent a special condition.
• noun sports The winning of a competition, represented by a flag.
• noun A rope or strap to which a purchase is hooked.

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• noun a flag longer than it is wide (and often tapering)
• noun a long flag; often tapering
• noun the award given to the champion