Well, I'm trying to start one here at San Francisco State University, and sent an email to the appropriate authorities and got this response (after no response from the Director of Athletics):
What do you think I should do next? I don't really want to give up, but unless I find someone who's actually encouraging of cycling or find enough people to put together a team, I don't really know what to do.Lorenzo
Sorry we do not have and do not have any interest in putting one together. Also, the NCAA does not sponsor this sport any way.