I.M.O. it should be a team name with no more then 3 words i guess, and able to shorten to a 3-letter sign. That looks cool

And maybe a refference to Fester's place? And keep in mind that we'll probably have multiple teams.

Maybe something like this?
FPP1 - Festers Place's People 1
FPP2 - Festers Place's People 2
Bring some creativity people!
