Yes, team is a collective noun.
It is used with a singular verb when the unity between the members of the group is stressed,when you see the group as one entity, and with the plural verb if you see a group as a collection of individuals, and you are paying attention to each of them.
AND I think that with "the team" you can use either singular or plural verb. It depends on what you are emphasizing, as I've explained above.
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