First - it’s f’in Nashville. Nashville is not “the South” - it may be in the Southern US (sorta) but the population of Nashville in general is about as “Southern” as Miami. It’s a major city with a wide variety of residents - 95% of whom are suburbanites living in their brand new homes stacked on top of each other driving Teslas.
I’d say it’s 99.9% a signal to some damn scab construction worker on the site and has NOTHING to do with the football team itself.
Wanna see racism in action - lots of places where it’s alive and well in Tennessee (and Mississippi, Alabama, parts of Georgia that aren’t Atlanta or Western Florida. Hanging a noose wouldn’t even make the news in many of these places - assuming the people there could read or afford internet without going into the local Dollar General or Popeyes for some free WiFi.