Nice pics. I enjoy the vibe at collegiate cycling events and shooting them is always something I look forward to doing whenever I get the chance.
Having two kids that are, or were, collegiate bike racers, I can tell you that things vary from school to school, but most schools don't help out their cycling teams all that much.
My daughter's collegiate cycling team used the races they put on as fund raisers to save up enough over a period of years to eventually buy a trailer similar to the one shown above, but considerably smaller (BTW, Fort Lewis is arguably the top collegiate cycling team in the country). Getting to Nationals when my daughter raced them (3 times) was partially subsidized (from team dues), but it still cost the individuals a fair amount to attend. Sponsorship can mean anything from cash to goods or services. They did get substantial discounts on bikes and parts from those sponsors. They had to reimburse the school for the use of vehicles they used that belonged to the school.
As for the kits, both of my kid's gear had/has several sponsors on them. The racers don't win money for race results or receive payment for results.
When my daughter was president of her cycling team, the school was attempting to collect money from the team (as I seem to recall, somewhere in the low five figures annually) to partially offset the salary of the administrator that was responsible for oversight of the team. He didn't really seem to actually do anything for them, just that since the school's name was used, they wanted to have someone make sure they (the cycling team) didn''t do anything that could harm the school. They did employ a coach for training and race oversight that was paid for by the team from dues or sponsorship money.