In my mind, Flynt has always spoken sorta like Butters from South Park, only pubescent and with a bit of a southern drawl.
What Carrie is talking about is that many team names - including Spitfire and Wrought Iron - are actually very old, but have an ever-changing roster as students enroll and drop out or graduate. Sorta like how a sports team holds its name, but is always changing its players.