Knockout is a game mode found only in the original TimeSplitters, and to some extent is a hybrid between Capture the Bag and BagTag. Up to four teams, each with their own base, race out into the level to claim bags and return them to their own base, thereby scoring points. The first team to reach the goal score, or the team with the most points at the end of the match, wins. There are several bags in the middle and not just one, increasing the franticity of the game mode.

In Mapmaker, there are always two bags. If there is only one Knockout Bag placement in the map, the two bags start at the same spot, and are returned there after delivery of the bag to a base. If there are two bag placements in the map, the two bags will start at the two different placements. If there are several placements in the map, the two bags will start randomly at two of the placements, and upon delivery to a base will then appear randomly at any of the placement spots.

The Knockout mode can be utilized in Mapmaker to construct an arcade level that plays similarly to a Story mode level of the game (the object being to retrieve an item from the map and return it to your starting point). To do this, place the opposing team's base and one bag placement outside the playable area of the map, with another bag placement on the opposite end of the map from your base.

Community content is available under CC-BY-SA unless otherwise noted.