look up any word, like cunt:
 
1.
Hip jacket, typically with white leather sleeves and two knitted stripes. Was particulary popular with Afro-Americans in the 1970's.
Guy: Hey Liz! Whaddya think of my new varsity jacket?

Girl: Hot, Reymond! Suits your 'swag' well.

Me: *cough* exciting.
by Grijze Pilion November 02, 2012
 
2.
Jackets given to football team when they are named either Conference or State Champions.
The Newark Bears went 12-0 last season and went on to win the State Championships, they were given Varsity Jackets in succesion to the State Championship win.
by Thomas Odair February 13, 2006