The present study aims to identify the processes underlying athletes' psychological disengagement during a competitive event. It was expected that goal attainment would predict psychological disengagement through the mediation of physical self-worth. It was further hypothesized that athletic identity and passion for the activity would be predictors of psychological disengagement. Athletes completed measures of athletic identity, passion, and physical self-worth before a competition; and perceived goal attainment, physical self-worth, and psychological disengagement after a competition. Physical self-worth mediated the relationship between perceived goal attainment and discounting. Obsessive passion and athletic identity were negatively related to devaluing over and above goal attainment and physical self-worth. The study highlights individual and contextual correlates of psychological disengagement in the sport setting.