Taxonomy Term for a sports team
If I understood right, you want a view to display players of each team. For that, you could:

1) Create a taxonomy vocabulary for each team (which you have already done)

2) Add an image field to the taxonomy term, as you would do to a CCK (admin/structure/taxonomy/[your_vocabulary]/fields

3) Create a CCK for "Player"

4) Add a field to the "Player" CCK of type "Term reference" (choose your Team vocabulary in the settings), so every time you create a new player you can select which team they belong to

5) Add the fields you need into your view, add a filter for the taxonomy term and expose it, so it will come out as a select list

I hope this helps a bit :)