They were making fun of sports movies and cliches. And I thought they did a damn good job. They got 'em all: The "underdog" coach, the untrained team, the dying but stoic team member, "You're like a father to him", the promise to win the game for the dying kid--they even spoofed trailers.
It was certainly funnier than the last two episodes, which I felt were a big disappointment.
http://community.livejournal.com/ltd_brands_suck/