I played around with letters and came up with a few other names for the group. Yeah, I have no life. I'm aware. ;0)

First letters of their middle names:
LASAR
(Lance, Alan, Scott, Anthony, Randall)

Last letters of their last names:
SKEEZ
(BasS, KirkpatricK, FatonE, TimberlakE, ChaseZ)

Second letters of the names they go by:
ACHOU
(LAnce, JC, CHris, JOey, JUstin)

Second letters of nicknames:
SLUTT
(PSycho, SLeepy, SUperman, STealth, STinky)

Last letters of nicknames:
TYPE-O
(ShoT, SleepY, ScooP, Phat-onE, PsychO)

Last letters of last names:
ZEEKS
(ChaseZ, TimberlakE, FatonE, KirkpatricK, BasS)