The paper focuses on the possibilities for physical education as an effective policy conduit and constructive contributor to the type of life-affirming values which are widely endorsed. After a critical review of recent well-being theorising, ideas on how values central to physical education and well-being could be coherently conceptualised are advanced. Underpinning discussion is a focus on merging subjective and objective character traits in ways which recognise the importance of pupil autonomy, time for reflection and respect for others. This is followed by a review of how such values could inform learning arrangements, where there is an added emphasis on dialogue and shared discussion, and strategies which use language to help make pupils' reasoning more explicit. The paper concludes by highlighting how clarity on subject values coupled with pedagogical changes could help physical education articulate its benefits better during a time of heightened policy expectancy.