When I was on the pom squad in high school we used to TP the football team the night before the homecoming game. Before poms state, the JV team used to do the same for us. It was a yearly tradition and no one ever had a problem with it- probably because earlier in the week you were supposed to call the parents of your TPee and secretly ok it with them. And if they had a problem with TP, they would just get their sign that you made for them put up. But it is in no way hazing- just a lot of good fun!

Yeah, this 'hazing 'is getting a little ridiculous...
(Sorry I'm a little annoyed at officials these days since just recently at school 4 fraternities got busted for hazing... apparently, and I was supposed to go to a Mountain Weekend with one of the fraternities, and it was post-poned due to the allegations, and now I think it's cancelled for good -- so i'm annoyed.. BUT ANYWAY we were talking about TPing...)
In high school I was on the varsity soccer and softball teams, each year before the guys games, we'd go TP the captains (or another random member) of the guys soccer / baseball team. Then the next day or so we'd go help clean it up. Good fun, and it usually occured after one of our sike-parties to to get us all excited for the upcoming game.
- I think that this is a LITTLE big overreacting for the cheerleaders TPing them... but that's just my oppinion!