Informed by Pierre Bourdieu’s understanding of fair play as rooted in social positionality, the sport of ultimate is examined as a case study of how athletes make meaning of this concept. Attention is given to the variations in understandings of and experiences with Spirit of the Game, SOTG (ultimate’s version of fair play), across player’s gender, race/ethnicity, and socioeconomic status. Findings suggest, SOTG works, at least partially, to maintain systems of power beneficial to male players and harmful to Black players. Despite often enabling systems of exclusion, SOTG is not uniformly held accountable for doing so.