This short might have been a sly wink at rival studio Disney's Touchdown Mickey, which was released four years prior, but in black and white.
The main character wears #77. This is a reference to Red Grange, who wore #77 and at the time, was probably the most famous football player ever.
Prohibition has only been repealed three years prior (1933), so America was awash in alcoholic libations once more, as subtly nodded to here.
Football, mostly college games, was a hugely popular emerging sport at the time. This short shows all the action with accurate detail, which would have appealed to both adult and juvenile cinema audiences. The NFL was still in its early stages of development then.
As with most cartoon shorts of the era, the attention to background detail was superb, with careful renderings of each item (the old tomato can, for example). There was plenty of subtle humor as well, from the drunken centipede to the rival inchworm scorekeepers.