You already have a table for the users (USERID and USERNAME), and I'm going to assume that you will have a table for the teams (TEAMID and TEAMNAME).
USERID within the users table and TEAMID within the teams table will be your primary key. Your third table (WATCHLIST), which will define the teams each user can view, will consist of USERID and TEAMID - no other fields/attributes will be needed.
Remember to have the primary key set to both USERID and TEAMID (compound primary key). It will help to cut down on duplicate records.
As far as relational database terminology, this is known as a one-to-many relationship between the users table (one) and the watchlist table (many), and another one-to-many relationship between the teams table (one) and the watchlist table (many).
Hope this helps !