After months of being called Sagan's Sideshow as an insult by the fleet, Capt. Sagan finally embraced the name, even going so far as to give the ships new carnival/fair/sideshow-related call signs. Rather than being randomly assigned, the names are based on some defining characteristic of the ships.
Rip assigns rookies to the fighter ships, preferring veterans to make the more dangerous torpedo runs in the Class II ships. Thus, the fighters are named after carnival goers who were usually given derisive names by the carnis. There is nothing different about these fighters; the names simply identify which flight they are escorting.
Since the two support ships (a freighter and tanker) carry all the "prized" supplies the squadron needs, they are called Bear and Banana (two popular prizes from Rip's favorite child-hood fair.)
Lastly, a minor note: Rip calls Bag Man and Fixer his Helper Monkeys -- or just the Monkeys -- since they are usually left to do all the duties outside of combat -- fleet shuttles, rescue boats, torpedo transports etc.
Command Flight: "Back yard" (Since the command flight stays back away from the action, it is named using the slagn word for a back lot of a fair or carnival.)
Class III Strong Man (being the biggest ship in the squadron)
Class II Bag Man (This ship and fixer act as smaller command ships keeping an eye on things and setting up attacks and strategy. If Rip doesn't make a torpedo run on his own, he will be in one of these ships.)
Class II Fixer
Class Is Elmers (gullible carnival goers)
Flight One: "Pretty Ladies"
Class II Bearded Lady (After the large sensor-filled bow of this ship)
Class II Aunt Sally (Antenna from the nose mimicks the pipe from the carni game)
Class Is Chumps (gullible carnival goers)
Flight two: "Oddities"
Class II Freak Show (after the odd satellite dish on the prow)
Class II Hunchback (sensor hump on top of the fuselage)
Class Is Rubes (more gullible carnival goers)
Flight three: "Geeks"
Class II Popeye (port sensor pod has visual equipment)
Class II Cyclops (prow contains a large camera)
Class Is Townies (and more gullible rookies- I mean carnival goers)