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1.
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
16 13
 
2.
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
5 4