I always assumed Sugar Ray, Alabama, and U2 were references to the musical acts.
But I admit I never gave it much analysis, I just like the song. So, like so many things in this life, I’m probably way off on my interpretation.
Sugar Ray was formed in 1992, and the song was released in 1989.
I wish I had a crystal ball that good, if that’s what Billy Joel meant…
The verses are in more-or-less chronological order, from 1949 (the year that Billy Joel was born) to 1989 (the year the song was written and released).
- “Sugar Ray” is in the first verse, amongst other references to the early 1950s; Sugar Ray Robinson was named Fighter of the Year in 1951, when he won the world middleweight title.
- “Alabama” is in the second verse, among references to the mid '50s; the state was where the Birmingham Bus Boycott occurred in 1955-56, which was a pivotal moment in the Civil Rights Movement.
- “U-2” is in the third verse, among references to the late '50s and early 60s; the U-2 was/is a reconnaissance airplane flown by the USAF and CIA. In 1960, Francis Gary Powers was shot down over the Soviet Union while flying a U-2.
Could you imagine finding a real, working crystal ball, but it only shows you future stuff like one-hit wonders and Tik Tok memes?
To the entire world’s detriment, Sugar Ray was more than a one-hit wonder. They had four or five hits that I had to suffer through.
And Sugar Ray Robinson had a lot of hits. Often to his opponent’s face.
Studebaker John is still with us. 
England’s got a fairly new queen, there are probably still Belgians in the Congo, and certainly plenty of psychos.
“Brooklyn’s got a winning team” is a reference to the 1955 Brooklyn Dodgers who won the World Series that year. I know some of the players are still alive, for example Sandy Koufax.
I never realized (or have forgotten) that the references are in rough chronological order.
Koufax is the last surviving member of that team, after pitcher Carl Erskine died earlier this year at age 97. Koufax, who is now 88, was a 19-year-old rookie in ‘55.