I think it's a great idea - the kids worked very hard and deserve to celebrate.
This is being done by parents who had the idea for a celebration and took the initiative to make it happen. It would have been great if the softball team did had a celebration last year, but it didn't happen and that shouldn't have anything to do with the football team.
I don't think they could have done it without the school approval. The school isn't doing the fundraiser, they are allowing the parents to do it.