Towards the end of the basketball game, Daffy asks Bill Murray, "Exactly how did you get here?" To which Bill responds, "The producer is a friend of mine", referring to producer Ivan Reitman.
The concept for this movie originated from a series of highly popular live-action/animated sci-fi sports comedy Nike commercial ads for Air Jordan shoes titled: "Hare Jordan" and "Aerospace Jordan" where Bugs Bunny and Michael Jordan faced off against Marvin the Martian and his alien henchmen in basketball to stop him from stealing Nike shoes.
Michael Jordan actually wore his North Carolina Tar Heel college basketball shorts under his Chicago Bulls uniform every game as a good luck charm.
When Stanley comes into Michael's hotel room and says "C'mon, Michael, it's game time. Slip on your Hanes, lace up your Nikes, take your Wheaties and your Gatorade, and we'll grab a Big Mac on the way to the Ballpark." All of those things were products that Michael Jordan had been a spokesman for around that time.
The movie's original promotional website could still be found online, exactly as it appeared in 1996. However it was changed to promote Space Jam: A New Legacy (2021).