That's right. He was simply referring to their sports team nickname. (nudge nudge wink wink)
It's called a double entendre. It's a figure of speech in which a spoken phrase is devised to be understood in either of two ways. It's used when, well...let's just see what Wikipedia says:
It is often used to express potentially offensive opinions without the risks of explicitly doing so.
So we have a person standing in front of a bunch of strong supporters (applauding and repeatedly shouting "Yes we can!"), speaking on a topic (health care) they all presumably support (since we all know, in the modern era, no one who's even slightly opposed to the President or what he's going to talk about is allowed within shouting distance) and says "it’s good to be back with some real
patriots." Clearly the use of the word "real" suggests a reference to some others
who are claiming
to "patriots" but are not real
It's true, he may very well have been referring to any number of former and current sports teams as not real
But I think we're all bit sharper than that.
We live in a world in which every single word the President speaks in a prepared speech (and, often, even in press conferences) is very carefully prepared and crafted. Each sentence is very carefully designed. This was no different I'm sure. Additionally, Barack Obama, seems to be particularly enamored with his own cleverness and intellectual superiority so seeing him fashion such a statement is completely within the realm of reality and reasonableness.