Why not inherit from List?

Question

When planning out my programs, I often start with a chain of thought like so:

A football team is just a list of football players. Therefore, I should

Answer 1

When is it acceptable?

To quote Eric Lippert:

When you're building a mechanism that extends the List mechanism.

For example, you are tired of the absence of the AddRange method in IList:

public interface IMoreConvenientListInterface : IList
{
    void AddRange(IEnumerable collection);
}

public class MoreConvenientList : List, IMoreConvenientListInterface { }