Today, Valve has released an initial list of Official Pennants for the teams that will be participating in The International 2 next week. A team pennant is a store purchased item that can be equipped via the non-hero loadout “Fan” slot, doing so will allow you to show your support for one of the 16 teams competing at the International 2012.
Once equipped this pennant will then allow you to earn tournament dropped items depending on if one of the tournament drop events (there are currently six of them) are triggered. This also requires that you have the pennant for the chosen team purchased AND equipped, and the team you’re supporting are the ones that triggered the event.
You have a coL pennant equipped and TC scores first blood and you witnessed that first blood (live through Dota TV) then you’ll have a chance at getting a tournament drop.