python single configuration file

I like the approach of a single config.py module whose body (when first imported) parses one or more configuration-data files and sets its own "global variables" appropriately -- though I'd favor config.teamdata over the round-about config.data['teamdata'] approach.

This assumes configuration settings are read-only once loaded (except maybe in unit-testing scenarios, where the test-code will be doing its own artificial setting of config variables to properly exercise the code-under-test) -- it basically exploits the nature of a module as the simplest Pythonic form of "singleton" (when you don't need subclassing or other features supported only by classes and not by modules, of course).

"One or more" configuration files (e.g. first one somewhere in /etc for general default settings, then one under /usr/local for site-specific overrides thereof, then again possibly one in the user's home directory for user specific settings) is a common and useful pattern.

The approach you describe is ok. If you want to add support for user config files, you can use execfile(os.path.expanduser("~/.yourprogram/config.py")).

One nice approach is to parse the config file(s) into a Python object when the application starts and pass this object around to all classes and modules requiring access to the configuration.

This may save a lot of time parsing the config.