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Stable organic semiconductors (OSCs) with a high-spin ground-state can profoundly impact emerging technologies such as organic magnetism, spintronics, and medical imaging. Over the last decade, there has been a significant effort to design π-conjugated materials with unpaired spin centers. Here, we report new donor–acceptor (D–A) conjugated polymers comprising cyclopentadithiophene and cyclopentadiselenophene donors with benzobisthiadiazole (BBT) and iso-BBT acceptors. Density functional theory calculations show that the BBT-based polymers display a decreasing singlet–triplet energy gap with increasing oligomer chain length, with degenerate singlet and triplet states for a N = 8 repeat unit. Furthermore, a considerable distance between the unpaired electrons with a pure diradical character disrupts the π-bond covalency and localizes the unpaired spins at the polymer ends. However, replacing the BBT acceptor with iso-BBT leads to a closed-shell configuration with a low-spin ground-state and a localized spin density on the polymer cores. This study shows the significance of the judicious choice of π-conjugated scaffolds in generating low- ( S = 0) and high-spin ( S = 1) ground-states in the neutral form, by modulation of spin topology in extended π-conjugated D–A polymers for emergent optoelectronic applications.