Alternate versions of the story have said incident occuring in the locker room, at someones house and/or victory party after the game. The sport in particular also varies. Some times it's the basketball team, the lacross team, the soccer team, etc. Also, the girl in question also various. Some times it's the campus slut, sometimes it's even a hot female teacher or someone's MILF mom!
Another variation on this urban myth is that the girl in question has straight 'intercourse with the entire team, gets her genitals ripped-open, and has to be rushed to the hospital to have her ravaged vagina sewn-up/sewn shut!