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Is there a font that's close to the Cleveland Indians font or is it just a custom? http://www.hitchnitch.com/baseball/indians2.jpg
It's likely custom, as most majors logos are.
I agree with Ryan's reply, but if you want something similar (i.e. with the swoosh underline), you will need a graphics application, like Illustrator (to adjust and connect the swoosh), and then get "Ballpark Script" from Letterhead Fonts, or "Casey" from Flashfonts. A more antique swoosh design is "Ephemera" also from Letterhead.