Hah, I came to mention Gaiden as I love that game. You and the article are both correct for the most part, it definitely has story elements relating to Space Jam, not to mention Ghost Dad, and other seemingly random sources, but what you describe is probably the best quick summary of the setting.

It sounds so ridiculous, and I suppose it is, but it was so well done and entertaining.

The creator was working on the sequel for years and then kinda disappeared. It is probably for the best because I can’t see it living up to the hype of the weird fans like myself (and I can’t stand backetball!).