Bo knows football
"Bo Knows" is the title of one of Nike's commercials. In this commercial different people say that Bo (Bo Jackson) knows baseball, Bo knows football, Bo knows basketball, etc. Does "Bo Knows football", for example, mean "Bo can play football"?
This ad could be watched here: https://www.youtube.com/watch?v=VaSdlW1W9yU

I also found this in Wikipedia:
Jackson became a popular figure for his athleticism in multiple sports through the late 1980s and early 1990s. He endorsed Nike and was involved in a popular ad campaign called "Bo Knows" which envisioned Jackson attempting to take up a litany of other sports, including tennis, golf, luge, auto racing.

It seems that I am right, yeah?

Question

Bo knows football
"Bo Knows" is the title of one of Nike's commercials. In this commercial different people say that Bo (Bo Jackson) knows baseball, Bo knows football, Bo knows basketball, etc. Does "Bo Knows football", for example,  mean "Bo can play football"?
This ad could be watched here: https://www.youtube.com/watch?v=VaSdlW1W9yU

I also found this in Wikipedia:
Jackson became a popular figure for his athleticism in multiple sports through the late 1980s and early 1990s. He endorsed Nike and was involved in a popular ad campaign called "Bo Knows" which envisioned Jackson attempting to take up a litany of other sports, including tennis, golf, luge, auto racing.

It seems that I am right, yeah?

Answer

It's closer to "Bo knows a lot about..."

For example, if "Bo knows football", he knows how to play football, more specifically how to play it well, what a good strategy would be, etc.

Answer

Generally speaking, if you say someone “knows” a sport, you are saying he has a lot of experience with the sport, has developed instincts that are useful in the sport, understands the nuances of the sport, and possibly even knows the history of the sport.

In that particular ad campaign, I think the use of “knows” was ironic. He excelled in the sports he played because was athletically gifted (and wore the appropriate Nike sportswear, the advertisers are suggesting.) And because of that ad campaign, “knows a sport” gained a new meaning, among the generation that saw the ad. That new meaning was “is very good at”.

Answer

You're not wrong, but not precisely right.

"Knows" is not just "can play" but also implies "is very good at."  All of the people who say "Bo knows ..." are people who were stars in the sport in question, so they lend credibility to Bo's abilities in the sport.