Originating as a fan mod based on the popular Halo machinima series Red vs Blue, Grifball is a popular multiplayer mode in which players pursue a ball-bearer (the grif in question) and kill him with one of two of the series's popular melee weapons, the gravity hammer or the Elite energy sword. Says Eurogamer:
"The hammer grants an instant kill and has a lot of range, but when you kill the ball-bearer, the grifball will go flying. The sword meanwhile is more unwieldy, but kill someone with the grifball and it automatically gets sucked into your possession."
If you're not a fan of Red vs Blue it pays to remember that this entire sport is based off a one-line joke tossed out in a single episode of a free web series, premised on a commanding officer's loathing for his layabout subordinate. That's a long way from the narratives about the ever-faithful, ever-competent Master Chief presented by the main games.
Red vs Blue's ascendency from amateur fan videos to full-time enterprise, as well as arguably the most successful machinima series of all time, is a real testament to the power of fandom to reach near-canon levels of legitimacy. Red vs Blue characters have appeared as Halo easter eggs and gameplay trailers and there's even a Grifball tie-in toy, so the official inclusion of a Grifball mode in Halo 4 only further legitmates the fan franchise's success.
Via Eurogamer.