Factual error: When the second round of the tournament is starting and Bagger Vance is telling Rannulph Junuh about 'the field', just after Bobby Jones has taken his tee-shot, Bagger hands Junuh a ball and tee. The tee is a red plastic 'castle' style tee. Apart from being illegal in tournament play, I'm pretty sure they weren't around in the 1920's.
Factual error: In the awards scene, it's awards for 1971. Just prior to that scene "Long Cool Woman In A Black Dress" by The Hollies was playing. That record wasn't released until Feb. 1, 1972.
Factual error: During the competition scenes between the Clovers and Toros, you can see a basket-toss stunt being thrown in the background: the girl is doing a full twisting flip... in a high school competition, this stunt is very illegal, and both teams would be disqualified for trying it.
Factual error: Female college basketball players are wearing uniform numbers 9 and 17. Not possible, since the NCAA prohibits players from wearing numbers ending in digits higher than 5.
Factual error: After the onside kick, they did NOT return for a big gain. Bateman tried to keep running with the ball, but Falco (who as quarterback shouldn't even be on the field during this play) tackled him. While Bateman was running with the ball, he just kept going back and forth near the line of scrimmage and didn't advance.