Chip is slang for championship.

What does a chip mean in sports?

A chip, also known as a lob, is a shot in which the ball is kicked from underneath with accuracy but with less than maximum force, to launch it high into the air in order either to pass it over the heads of opponents or to score a goal over the goalkeeper.

What does chip mean?

1a : a small usually thin and flat piece (as of wood or stone) cut, struck, or flaked off. b : a small piece of food: such as. (1) : a small, thin, crisp, usually salty piece of food typically prepared by frying, baking, or drying banana chips especially : potato chip — see also corn chip. (2) : french fry.