get_field_object() returns the same field array that you’ll see if you export a field group to code.
$team = get_field_object('team');
$choices = $field['choices'];
the_field() echos the value of the field. Use get_field() if you want to do something with the value
$value = get_field('team');
echo the label associated with the first selected value.
echo $choices[$value[0]];