If this is a group of cheerleaders wanting to put Bible verses on banners, and not a school policy (I'm assuming it's a public school), then I don't see any problem with it, personally. There's nothing inherently wrong with Bible verses. People can wave whatever signs they want at events. So if the cheerleaders honestly think hey, this would be inspirational, then why not? As long as they're not mean Bible verses, I guess?

The real question is, would the school allow someone to display quotes from other belief systems on banners? Obviously I don't know. They ought to, but I don't know if they would. That would be the test.