Hey guys! Nick.com just released a very cool clip of Korra's pro bending team in action! Their name? The Fire Ferrets, naturally! This clip gives us a bit more information on how the games are played. I hope I'm not the only one that totally digs the announcer guy's quick in-game commentary.
In the clip Mako, Korra, and Bolin start their match against "The Rabbiroos", a rival team which loses quite quickly to the Fire Ferrets. It seems like the rules of the game are simple. Each player uses each of their respective elements to knock a person from the opposing team down. As soon as that person hits the floor of the ring, a buzzer sounds and they are presumably "out" and the opposing team gets to advance further into their territory towards the goal.
In the clip, it is implied by the announcer that before the addition of Korra to the team, the Fire Ferrets were doing quite poorly.