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1. Sold at a low or reduced price; very inexpensive. The term comes from a section of a department store, usually at the ground or basement level, where inexpensive items or those at reduced prices are sold. George paid nearly $500 for his designer suit, but I think my bargain-basement suit looks just as nice.
2. Of very poor or inferior quality; having very little or no value. You can tell that these are bargain-basement toys: they all broke after an hour of the kids playing with them.
In sports, a team that is ranked in a lower division (known as the relegation or "drop" zone) of a given league, and that competes against similarly ranked teams to try and advance into a higher division. Primarily heard in UK. They face another fierce basement battler in this week's match, and a lot is at stake for both teams.
See also: basement