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Joe K.I would say it would depend on how old and what team.
For anything post 1940 I don't think there is much of a deep market. But depending on the team, and if you can trace it back to a specific player, that can help. Most of the interest will be with Alums from that school.
For early 1900s, pre-1930s and earlier, there could be a very hot market. Again depending on the team, but earlier the better, and the style of the uniform will be a factor. Ivy League teams and other college sport powerhouses of the time would garner much interest.
For the early uniforms the college affiliation is "icing" on top of what is already there. If its an early uniform with a scarcer style and has a lot of character, it would garner a lot of interest. Add the "Princeton" or "Yale" or other schools like "Michigan" lettering, and the price could triple or more. Add "WhatsamatawithU" and you probably won't seem much difference on top of what the jersey would normally bring at auction.