Teams allow you to configure a group of users together for Quote Approval purposes. Each Team consists of a number of users (no limit) and an owner as well.

For example, you can put all the sales reps reporting to a single manager under a Team and make the manager owner of the team. That way you split the entire sales team into separate Teams based on the respective manager. That way if an approval is required from the corresponding sales manager, the relevant Team object can be used. See below.