Space Jam may be the movie of which a real life version is furthest away. But we're getting closer.
I mean, of course, there was the actual Space Jam game. But that was generations ago. NBA 2K14 doesn't feature the first Space Jam mod ever, but as Kotaku writes, it is the most "realistic." Space Jam, remember, is a movie about Michael Jordan helping the Looney Toons beat some aliens in a basketball game.
Sure, all the characters look way more like muscular humans with terrifying cartoon heads. That... that's just something you have to get through.