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If a forum post on Operation Sports is to be believed, 2K Sports has licensing agreements with 11 universities to appear in NBA 2K16.
The Collegiate Licensing Agency handles producing licencing for almost all of the universities in the NCAA. According to a search there, 2K has agreements with Arizona, Arizona State, Connecticut, Georgetown, Kansas, Louisville, Michigan, Texas, UCLA, Villanova and Wisconsin.
What their involvement with the universities would entail remains to be seen, but it is more likely than not that these schools would be tied in with the "My Player" mode, where gamers can create a player and start a career from high school all the way to the NBA.
The last video game to feature college teams was EA Sports' NCAA Basketball 2010, which featured Oklahoma's Blake Griffin.
Whether or not this means college basketball could return to gaming platforms in the future remains to be seen. But, if you are a fan of the Wolverines and NBA2K, it seems like a cool feature as a career mode option.