This article draws on data from an Australian longitudinal study into the place and meaning of physical activity and physical culture in the lives of young people. The aim of the national study is to add meaning to the statistics based on quantitative surveys that suggest a declining participation rate and satisfaction of young people in organized sports, recreational physical activities, and exercise. Frequently, socioeconomic status, gender, and geography are used as explanatory variables. In this article, the authors aim to provide an alternative reading of the statistical patterns by exploring how differences in capital (economic, social, and cultural) are played out in the lives of four young Australian males. The authors argue that schooling, geographical location, and access to capital play important roles in the intersection among masculinities, participation in physical activity, and engagement with physical culture.