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Use pennant template to cut 10 pennants from the primary color felt squares. Set aside the felt scraps for Step 3.
For the secondary color felt, cut ½-inch-wide strips from the long edge of the felt. You should be able to get 2 pennant stripes from each strip, so cut 5 strips.
Now cut ¼-inch-wide strips from both colors of felt for the tassel decorations.
Cut the ¼-inch-wide strips into 2- to 3-inch lengths. Snip the ends at an angle. Then fold 1 of each color in half and pin to the top, left corner of each pennant.
Place 1 of the secondary color ½-inch strips on to the felt pennant along the short edge, covering the fold of the ¼-inch tassel strips. Hot glue in place to secure, making sure you also attach the tassel decoration with your bead of glue. Once attached, snip the ½-inch strip ends at a slight angle to match the angle of the pennant. Add the rest of the strips to the pennants in the same manner.
Place an iron-on letter on each pennant and iron the letters in place using a press cloth to avoid scorching the felt.
Hot glue the back of each pennant to a dowel half. Place your pennants in containers within easy reach of joyful fans.