Sorry for the confusion, as this was actually a point of discussion here in the office. Nike does indeed list Squadron Blue as the third color, but the only place that blue is used is on half of the outsole of the shoe. You can see the outsole in the pictures of the shoe on the product page on our website. The swoosh and other accents on the shoe are black, and that's why we listed the third color as black. The only way to see the blue is if you pick up the shoe and look directly at the sole, whereas the black is much more visible.
Andy, TW