That's called the challenge flag, each coach gets to throw that flag in their sock in order to signal to the refs that they disagree with the call on the field and would like them to take another, closer, look at the play. If the challenge succeeds, the play is reversed. If the challenge fails, the coach loses a timeout. If the team has no more time outs then they cannot challenge a play.
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its proven fact that it makes them feel more important if they wear it in their socks.
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Phillips, Bum and WadeShula, Don and DaveMora, Jim and JimNolan, Dick and Mike
i can tell you this.... there is no reall meaning to the 25 stars on the flag for the NFL.
Tom caughlin. 27-31