Which is correct? - I think the team has a good chance of winning the tournament or ... the team have a good chance………?

Both are correct. It depends on how you view the team. If you think of the team as consisting of several individuals, then you use the plural `are’. If, on the other hand, you think of the members of the team as forming a single unit, then you use the singular `is’. `Committee’, `jury’, and `public’ are examples of nouns that can be used with both singular and plural verbs. Here are two more.

The government are hoping to lower the interest rates by next month. * My family wants me to go abroad and do a PhD.