Varsity

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mid 17th century: shortening of university, reflecting an archaic pronunciation.

wiktionary

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Mid 17th century. Clipping of university(“i.e., univarsity”), reflecting an archaic pronunciation. [1]

etymonline

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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].