point guard thats the meaning of PG in basketball team cowboy...

Another possibility would be post graduate, though I think point guard is most probable.

My guess is that it could be a basketball team that relies a lot on the point guard in the way they play, for example when the pg is their best guy and all the other positions revolve around the pg. Similarly there can be SF or PF basketball team..... PG could also be an abbreviation for anything. for example a school or a company I'm not sure