GNU Collaborative International Dictionary of English

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Found one definition

1.       
   Varsity (?), n.
   1. Colloquial contraction of University. [Brit.]
   
   [Webster 1913 Suppl.]
   
   
   2. the team with the best players of a school or club, being the main representative of the organization in competitive play between schools or organizations.  In schools, contrasted with junior varsity.  Also used attributively, as, “the varsity football team”.
   
   [PJC]