"Varsity sports" refers to competitive sports teams that represent a particular school or college. These teams usually consist of high-level athletes who compete against other schools or colleges in organized leagues or tournaments. Full definition
The Canadian Centre for Ethics in Sport (CCES) governs regulations around performance enhancing drugs in varsity sport in Canada. (sciencedaily.com)
The Terps recently had to cut several varsity sports teams because of money troubles within the athletic department, assumedly fueled by struggling football and basketball teams and lagging ticket sales as a result. (sbnation.com)
Another curious sponsor of varsity sports has been the FBI, not exactly an industry but still an employer. (si.com)