The triplet pair is the key functional unit in triplet-triplet annihilation photon upconversion. The same molecular properties that stabilize the triplet pair also allow dimers to form on the singlet energy surface, creating an unwanted energy relaxation pathway. Here we show that excimer formation most likely is a consequence of a triplet dimer formed before the annihilation event. Polarity-dependent studies were performed to elucidate how to promote wanted emission pathways over excimer formation. Furthermore, we show that the yield of triplet-triplet annihilation is increased in higher-viscosity solvents. The results will bring new insights in how to increase the upconversion efficiency and how to avoid energy-loss channels.