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The RPG concept of bleed describes the spillover of physical states, mental states, physicality, values, opinions and other similar concepts from player to character and vice versa. Over the years there have been several specific types of bleed suggested by numerous theorists, but how these suggested types stand in relation to each other has yet to be theorized. In order to create a foundation from which to better be able to study and conduct research on bleed, this paper presents a conceptual model of bleed that places the previously suggested bleed types in relation to each other and to theories of identity creation in adjacent fields. The concept of the bleed perception threshold and the bleed complex of identity bleed is suggested as part of this model. The paper then goes on to show how theories concerned with identity creation from different fields such as psychology, social psychology, and neuroscience inform the model and how the model does not stand in opposition to the established theories. Using the model and the presented theories as a starting point, the paper goes on to make suggestions about how bleed can affect a player’s sense of self.