If they stated “Town party to celebrate the Super Bowl(TM)” it should be fine. And then in fine print “Super Bowl is a trademark of the National Football League.”
Only if the league agreed they could use their trademarked phrase. It’s not about acknowledging the trademark, it’s about getting permission from the holder.
Which in part explains why radio ads have no choice but to use "The BIg Game", as they don't want to waste precious ad seconds on the disclaimer.