pennon n.

Also petə-, Proto-Indo-European root meaning "to rush, to fly." 

It forms all or part of: accipiter; appetence; appetite; apterous; apteryx; archaeopteryx; asymptote; centripetal; Coleoptera; compete; competent; eurypterid; feather; helicopter; hippopotamus; Hymenoptera; impetigo; impetuous; impetus; iopterous; Lepidoptera; ornithopter; panache; panne; pen (n.1) "writing implement;" pennon; peripeteia; perpetual; perpetuity; petition; petulance; petulant; pin; pinion; pinnacle; pinnate; pinniped; potamo-; potamology; propitiation; propitious; ptero-; pterodactyl; ptomaine; ptosis; repeat; symptom.

It is the hypothetical source of/evidence for its existence is provided by: Sanskrit pattram "wing, feather, leaf," patara- "flying, fleeting;" Hittite pittar "wing;" Greek piptein "to fall," potamos "river, rushing water," pteron, pteryx "feather, wing," ptilon "soft feathers, down, plume;" Latin petere "to attack, assail; seek, strive after; ask for, beg; demand, require," penna "feather, wing;" Old Norse fjöðr, Old English feðer "feather;" Old Church Slavonic pero "feather;" Old Welsh eterin "bird."

1610s, "a rope for hoisting," probably a blend or confusion of pendant in the nautical sense of "suspended rope" and pennon "long, narrow flag." Use for "flag on a warship" is by 1690s; as "flag long in the fly as compared with its hoist," 1815. The meaning "flag symbolizing a sports championship" (especially baseball) is from 1880; as a synonym for "championship" it  is attested by 1915.