You know, the placards displayed by the fans are quite acceptable to me. I wouldn't dream of stopping people from doing that, ever. As a matter of fact, I'd probably be OK with the cheerleaders displaying bible verses as long as they'll display any verse from the bible. I have a few suggestions.
And afterward Joshua smote them, and slew them, and hanged them on five trees: and they were hanging upon the trees until the evening. Joshua 10:26or
Now this man (Judas Iscariot) purchased a field with the reward of iniquity; and falling headlong, he burst asunder in the midst, and all his bowels gushed out. Acts 1:18or
And I (Jesus) will kill her children with death; and all the churches shall know that I am he which searcheth the reins (kidneys) and hearts: and I will give unto every one of you according to your works (saved by grace?). Revelation 2:23You know, I think the cheerleaders should also display banners from the Book of Mormon as well! And the Vedas, The Urantia Book, The Holy Piby, and The Qur'an. Everybody would be happy then. Right?
Besides, anytime someone bans harmless displays of religiosity, they feed the persecution complex that many christians have. However, I'm of the opinion that religious displays belong in the stands, not the field.