Job dissatisfaction has been linked to decreased performance and increased workplace turnover. It is, therefore, important to understand the experiences that are associated with physical education teacher job satisfaction and dissatisfaction. This study examined relationships among perceived mattering, role stress, emotional exhaustion, and job satisfaction in teacher/coaches and non-coaching physical education teachers. The participants included 500 physical educators (251 females, 249 males) from the United States. Most participants (91.20%) were Caucasian, and over half (53.60%) coached. Data were collected using an online survey, and analyzed using latent variable modeling procedures. Results supported the conceptual framework, X[superscript 2](214) = 511.49, p < 0.001, RMSEA = 0.052 (90% CI = [0.046, 0.058], p = 0.216), SRMR = 0.06, NNFI = 0.95, CFI = 0.96, and commonly experienced pathways were invariant across coaching and non-coaching groups. A key goal for schools should be to increase teacher perceived mattering and reduce role stress and emotional exhaustion.