I think the 92 team would win, especially if you they could still hand check and play physical.
So, I think you're talking about the way the NBA was officiated in 1992, vs. how it's officiated today.
The thing is, though, these were not NBA teams. They're both teams intended for international play. And international basketball is a different game.
I think the 2012 team would win. I definitely think people are being nostalgic about "the Dream Team". Can you honestly see Larry Bird, who could barely walk, out there trying to guard Kevin Durant or LeBron James??? OK, take Bird out and put Chris Mullin in... do things get any better? Who could Barkley guard, and how would he fare on offense against LeBron?
The 2012 team has
huge advantage when it comes to speed and athleticism, which is crucial. You can talk about Ewing and Robinson, but how did they do in 1992? They were ok, but look at the competition. Shaq was never great in international games. And Duncan was a flat-out disaster. If the US wanted post play, they could have put Al Jefferson and Roy Hibbert on the team, instead of Griffin and Harden. Such a team would match up more closely with the 1992 team. But it would be worse, for international basketball.
Here's how I match up 1992 with 2012:
LeBron James vs. Charles Barkley
Kevin Durant vs. Michael Jordan
Kevin Love vs. Karl Malone
Deron Williams vs. Chris Mullin
Russel Westbrook vs. Clyde Drexler
Tyson Chandler vs. Patrick Ewing
Andre Iguodala vs. Scottie Pippin
Anthony Davis vs. David Robinson
Kobe Bryant vs. Larry Bird
James Harden vs. Magic Johnson (33 years old and retired)
Carmelo Anthony vs. Christian Laettner
Chris Paul vs. John Stockton
The 1992 team could win. But it's far from a sure thing.