I'd say tag names don't have to be that precise unless it's actually causing a problem by people being confused; realistically, the UEFA Champions League is by far the most common use of "Champions League" so I'm happy with it.
Practically, there is also a 25 character length limit on tags. "UEFA Champions League" just about fits, but we can't go giving things arbitrarily long names. The tag excerpt should always be enough to let people know what a tag is about - although I appreciate people don't read the tag excerpt very often...
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