The Replacements (2000)

The Replacements is a surprisingly sympathetic portrayal of a bunch of replacement players who fill in when an NFL football team goes on strike.

Keanu Reeves plays the quarterback, and strikes up a connection with head cheerleader Annabelle Farrell (Brooke Langton), who runs an inexperienced (at least at cheerleading) squad.

You can argue that this is more of a football movie than a cheerleaders movie, but the cheerleaders steal the film.