Although this may just be stating the obvious, you should be aware the cycling at the collegiate level is not an NCAA sport, rather it is endorsed by the USCF. Collegiate cycling is also divided into four categories for men, "D" through "A". "A" corresponding to a CAT 1/2/3 level all the way to "D's" which are for first year racers.
The fact that collegiate cycling is USCF and not NCAA means that for many schools, cycling will not officially be a "Varsity" sport and will be given a "club" designation. However, there are schools out there that as stated before treat it very seriously and give out cycling scholarships. However, just because a team doesn't have a "varsity" designation does not make it good. I personally race for Columbia University in the ECCC conference, and here the cycling team is a club sport. However, most of the cyclists on the team treat it as a varsity sport. I personally put in between 200-300 miles a week if you include the races on the weekends, and i'm not even that good. All of the A racer's on our team race for semi-pro teams with one of them actually getting a Pro contract for after he graduates.
And just to throw in a bit of shameless self-promotion...we placed 1st out of 54 teams at the race weekend 3 weeks ago in philly.