Use of we and they as descriptions

Can one use, say for example, when making a list, 'we,' and, 'they.'

let's say i'm scoring a game and there are 2 teams. is it correct to label my team as "WE," and the opposing team as, "They.?" I always thought it was "Us" and "Them." I understand when it's in context of a sentence how one uses but as descriptions that stand alone, it doesn't sound right to me. I upset someone tonight by saying that it was incorrect when in truth I find I really don't know, I just think that it sounds wrong.