This is a classic example of composition vs inheritance.
In this specific case:
Is the team a list of players with added behavior
or
Is the team an object of its own that happens to contain a list of players.
By extending List you are limiting yourself in a number of ways:
You cannot restrict access (for example, stopping people changing the roster). You get all the List methods whether you need/want them all or not.
What happens if you want to have lists of other things as well. For example, teams have coaches, managers, fans, equipment, etc. Some of those might well be lists in their own right.
You limit your options for inheritance. For example you might want to create a generic Team object, and then have BaseballTeam, FootballTeam, etc. that inherit from that. To inherit from List you need to do the inheritance from Team, but that then means that all the various types of team are forced to have the same implementation of that roster.
Composition - including an object giving the behavior you want inside your object.
Inheritance - your object becomes an instance of the object that has the behavior you want.
Both have their uses, but this is a clear case where composition is preferable.