Settled for having the team in scarlet (7)

I believe the answer is:

resided

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'settled for' is the definition.
'resided' can be an answer for 'settled' (I've seen this before). I'm unsure of the 'for' bit.

'the team in scarlet' is the wordplay.
'the team' becomes 'side' (both can mean a sports team).
'in' is an insertion indicator.
'scarlet' becomes 'red' (synonyms).
'side' placed inside 'red' is 'RESIDED'.

'having' is the link.

Can you help me to learn more?

(Other definitions for resided that I've seen before include "Settled" , "Sojourned" , "Lived" , "Dwelt" , "stayed" .)

I've seen this clue in The Globe and Mail.

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