Quite possibly the worst phrase a student section can chant at an athletic event of any type. Though it may be considered an insult to the high-ranked team, by labeling that team as overrated, the chanters are suggesting that their own team has beaten a team that was not very good to begin with.
Tim - OVERRATED!
Bill - Stop saying that because it makes us look like we never should have beat them. It is putting us down because now it only looks like we are beating a team that shouldn't be ranked this high anyway.