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2.
Originally meaning 'Game Of The Year', but now used as a replacement for 'epic' or 'cool'. Used unironically.
Guy 1: Dude, I totally just built a car in a cave with a box of scraps!

Guy 2: GOTY.
by Die Nadel January 13, 2011
 
1.
"Game Of The Year (Edition)", basically referring to ANY game that had recieved one or more awards for being the selected game for that year.
Dude, you up for a game of UT: GOTY?

Hells yeah, much better than 2K4!
by Eccentricity February 01, 2005
 
3.
Game of the Year for Morrowind Xbox Game
by OmNiLaSh October 30, 2003