The present study tested and extended Lane and Terry’s (2000) conceptual model of mood-performance relationships using a large dataset from an online experiment. Methodological and theoretical advances included testing a more balanced model of pleasant and unpleasant emotions, and evaluating relationships among emotion regulation traits, states and beliefs, psychological skills use, perceptions of performance, mental preparation, and effort exerted during competition. Participants (N = 73,588) completed measures of trait emotion regulation, emotion regulation beliefs, regulation efficacy, use of psychological skills, and rated their anger, anxiety, dejection, excitement, energy, and happiness before completing a competitive concentration task. Post-competition, participants completed measures of effort exerted, beliefs about the quality of mental preparation, and subjective performance. Results showed that dejection associated with worse performance with the no-dejection group performing 3.2% better. Dejection associated with higher anxiety and anger scores and lower energy, excitement, and happiness scores. The proposed moderating effect of dejection was supported for the anxiety-performance relationship but not the anger-performance relationship. In the no-dejection group, participants who reported moderate or high anxiety outperformed those reporting low anxiety by about 1.6%. Overall, results showed partial support for Lane and Terry’s model. In terms of extending the model, results showed dejection associated with greater use of suppression, less frequent use of re-appraisal and psychological skills, lower emotion regulation beliefs, and lower emotion regulation efficacy. Further, dejection associated with greater effort during performance, beliefs that pre-competition emotions did not assist goal achievement, and low subjective performance. Future research is required to investigate the role of intense emotions in emotion regulation and performance.