What is a 500 team?

Answer 1

The '500' is talking about winning percentage. A 500 winning percentage means a team has won the same number of games as they have lost. If someone says a team has reached 500 means they have won enough games in a row so that they now have won as many games as they have lost.

Answer 2

above 500 means that they have won more than half their games

Answer 3

A team that has as many wins as they do losses. If a team is has 5 wins and 5 losses, their winning percentage is .500.