I think it's baseball. Obviously none of us have seen the pennant before so it's very rare. Here are some of my thoughts:
1. If football I have never seen a pennant that early made of woven fabric. Every woven pennant I have ever seen started in the early 50's.
2. I have never seen the football team referrrd to as the bums. The bum seems much more popular in the 50's. I've never seen anything related to football with the bum.
3. The only thing linking the pennant to football is the bum kicking what looks like a football. It could be something else, but I agree it looks like a football.
4. I guess it could be a one off prototype that never got issued, who knows.
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