What is The Hat?
1.
When one has "the hat" he is typically doing extremely well. For example, he may have a flash car, nice house, fit wife, etc.
"Timmy, now there's a man who has the hat."
See
2.
Term of authority based on superiority of skill or intellect, after the white supervisor's hat in the construction industry.
1. Speaker #1: Are you sure we should do this?
Speaker #2: I'm the one wearing the hat here.
2. Speaker #1: Where do I put this?
Speaker #2: Ask Gerry, he's the hat around here.
See