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The authority and freedom to boast or brag of one's achievements that comes from having won a contest or succeeded in some way, especially against a close rival. The game matters little to either team's statistics, but it will ensure bragging rights for the rest of the year.
If a person or an organization has bragging rights, they have a reason to be proud. Colleges want to compete for the most talented kids if only for bragging rights. Being acknowledged by a rock band carries certain bragging rights.