An equipment bag of the kind used to tote sporting equipment having compartments for storing bats, balls, a glove, and the like, the bag further including exterior panel covers that are non-structural and removably connected to the bag via a zipper or other releasable means. The panel covers are provided in coordinating colors, and alternate panel covers are provided in different colors that also removably attach to the equipment bag. The removable panel covers can be selected to coordinate with team colors so that a user can match the colors of other teammates for different teams using the same equipment bag. In one embodiment, the panel covers are reversible to increase the number of bag appearances for the same number of panels.