Pennant

Pennants are equippable items that allow users to show support for a team during tournaments, by increasing a team's Fan Level - visible in-game to other DotaTV users. First introduced and utilized during The International 2, designated tournaments additionally allowed for pennant holders to receive item drops. Anybody wearing a pennant representing any of the two teams involved in matches were eligible to receive tournament items from events such as first blood and multikills during that match - events are team-independent, e.g. in a game Na'Vi VS. IG, a player wearing a Na`Vi pennant can receive drops from events triggered by iG. Item drops are no longer part of the pennant system.
 * No more slot for Pennants.
 * Valve didn't say anything about Pennants after The International 2.

Pennant Upgrade
[Outdated] The Pennant Upgrade is a separate item that allows the user to upgrade the level of their Pennants by one, which can be done multiple times, consuming the item. Increasing the level of the Pennant is represented in the Fan Level ticker during matches, but does not increase the chances at receiving a tournament drop.

Levels
Pennants can be leveled up by ?? to ??