Ambient-stable fluorescent radicals have recently emerged as promising luminescent materials; however, tailoring their properties has been difficult due to the limited photophysical understanding of open-shell organic systems. Here we report the experimental and computational analysis of a redox pair of π-conjugated fluorescent molecules that differ by one electron. A π-dication (DC) and π-radical cation (RC) demonstrate different absorption spectra, but similar red emission (λ_emiss,max = ∼630 nm), excitation maxima (λ_exc,max = ∼530 nm), fluorescence lifetimes (1–10 ns), and even excited-state (non-emissive) lifetimes when measured by transient absorption spectroscopy. Despite their experimental similarities, time-dependent density functional theory (TDDFT) studies reveal that DC and RC emission mechanisms are distinct and rely on different electronic transitions. Excited-state reorganization occurs by hole relaxation in singlet DC, while doublet RC undergoes a Jahn-Teller distortion by bending its π-backbone in order to facilitate spin-pairing between singly occupied molecular orbitals. This relationship between the excited-state dynamics of RC and its π-backbone geometry illustrates a potential strategy for developing π-conjugated radicals with new emission properties. Additionally, by comparing TDDFT and CIS (configuration interaction singles) excitations, we show that unrestricted TDDFT accurately reproduces experimental absorption spectra and provides an opportunity to examine the relaxed excited-state properties of large open-shell molecules like RC.