World Champions

Just watched the Lakers unveil their championship banner. The banner (and I believe) other team championship banners have the term "World Champions." I could remember watching the Chicago Bulls of the Michael Jordan days and the PA announcer stating, "And now your world champion...Chicago Bulls". However, I remember watching/listening to something recently stating how arrogant we(as an NBA team) are to state we are world champions. I can understand the argument because you know what, the basketball game is a global game and how can you call yourself a world champion in a particular association/league. I believe a true world champion is the one who wins the Olympics. Therefore, the USA basketball team can be called world champions, but when NBA teams win championships, maybe they shouldn't be referred to as world champions. Just my opinion.  Still a champion.