This paper explores how students understand physical education (PE) as a subject in the Danish upper secondary school (USS) and discusses the role of the subject after the Danish USS reform of 2017. The paper presents a 6 months’ field study of PE lessons in 2 Danish upper secondary schools. Both schools were located in the Danish capital area. A total of 42 Lessons in 4 PE-classes [N = 240] were observed throughout the 6 months and 8 focus group interviews were conducted with students [N = 54] at the end of the field study. We are inspired by the theoretical contribution of Hartmut Rosa to analyse how students understand physical education (PE) and critically discuss and reflect upon the how this understanding relates to the structure of PE as a USS subject in the light of the political development in the Danish upper secondary schools for the past decades. The study has shown that most students value the subject because it represents a place of resonance during an otherwise accelerated everyday life. At the same time, the USS reform of 2017 gives PE a smaller role in the overall curriculum. However, PE is now, for the first time, an exam subject after the third year of USS. Therefore, the article contributes to a debate regarding the consequences the increased focus on achievement may have on the subject as a place of resonance.