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varsity (adj.)

1825, "university," variant of earlier versity (1670s), shortened form of university. Compare varsal (1690s), short for universal; varmint from vermin; and Grose's "Dictionary of the Vulgar Tongue" (1788) has vardy as slang for verdict. "Used in English universities, and affected to some extent in American colleges" [Century Dictionary].

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Definitions of varsity from WordNet

varsity (n.)
a British abbreviation of `university'; usually refers to Oxford University or Cambridge University;
varsity (n.)
a team representing a college or university;
Synonyms: first team
From wordnet.princeton.edu