a British abbreviation of `university'; usually refers to Oxford University or Cambridge University
"The varsity team from Oxford defeated their rivals in the annual cricket match."
a team representing a college or university
"The varsity basketball team won the state championship last night."
university
"The varsity team represents our university in regional competitions."
The word varsity first appeared in English in the mid-1600s as a shortened form of "university." It originated from an older way of pronouncing the longer term before becoming its own distinct word for top-level athletic teams or programs.