The term 'PLAYGROUND GAME WITH HOOPS' can be summarized as a game of HORSE, which is a popular playground game that involves shooting hoops. Players take turns shooting from different spots on the court and must make the same shot as the previous player in order to stay in the game. If a player fails to make the shot, they receive a letter of the word 'HORSE' until all five letters are spelled out, at which point they are eliminated from the game.