Here is some info on Flags and pennants.
You can earn the drill flag, athletic flag, academic flag, and inspection flag; all the scores are added up for an average. Then if they score high enough they get a Battle E flag. If you score even higher still you get the CNO flag. That one's really hard to get.
When my son graduated, his division and one other division got the Battle E, and that other div also got the CNO...and that was out of 7, so it's tough.
Very well presented pdf file detailing p days and more.