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.