Character mistake: When Stan inflates himself, Michael asks, "How'd he do that?", implying that he doesn't know the rules of the Looney Tunes world. Since Michael was rolled into a ball by the aliens earlier in the film, this shouldn't be too much of a surprise.
Suggested correction: When Michael was rolled into a ball, he wasn't concerned with how that was possible and soon after he forgot about it. He was more concerned with dealing with the Monstars at the time and, in particular, helping his cartoon friends preparing for the game. When Michael witnessed Stan being flattened and inflated, it looked particularly strange and unfamiliar to him, unlike before as he couldn't watch himself experiencing being rolled into a ball. And that is what triggered his response about questioning how it was possible.
Trivia: When the aliens first go to steal the talent of the NBA players, there are two fans in the stands with about a minute of screen time - the first is Patricia Heaton from "Everybody Loves Raymond", and the second is Dan Castellaneta - the voice of Homer Simpson.
Suggested correction: Both of these people were also credited in the film for their appearance, so this wouldn't be trivia.
Revealing mistake: Near the end where Michael Jordan is stretching his arm towards the net, you see a view from behind him and he is in slow motion, but the crowd is moving at normal speed.
Suggested correction: Looney physics.
Other mistake: In the auditorium where all the cartoon characters are assembled, there are two Sylvesters (the black and white cat who was always trying to get Tweety). There's one sitting in the front row, Tweety behind him, and another Sylvester behind Tweety. It's seen right after the blue alien says, "No foolin'."
Suggested correction: That would be Sylvester Jr. He is the son of Sylvester and created in 1950.