Would this hack slaughter performance?

[VodkaFish]

I'm thinking of making a hack for my hockey site that goes like this:
I have team pages (player pages too)... and when people post to the board I'd like the names of teams to be automatically converted. So, I'd like a search and replace so when someone types New York Islanders, that would be linked to the team page. What I did do is create a separate bbcode for it, in case the url of the page changes later, so it'd be something like [team=19]New York Islanders[/team]. Of course, I'd like to do this for the players too.

So is combing a message for a string and replacing it with the custom bbcode wrapped around the string going to slow things down much?