Some comments from what I *think* I know about trading cards (Charlie
Slavin -- please correct where needed):
 
First, add Michigan, Lake Superior and Minnesota-Duluth to the list of
schools that have or have had hockey cards sets produced.  I'm sure
there are several other schools as well (Cornell and Minnesota already
mentioned).  In fact, the Brett Hull card from the UMD set is a fairly
hot item (at least it was when Hull was atop the NHL in goals).
 
I have done some investigating into these collections (UM, MSU, UNC,
UND, etc.) that Scott (MSU) mentions.  In fact, Michigan now has
about 8-10 different sets, many containing multiple sports.  Anyway,
everything seems to be on the up and up.  The players do not receive
any funds for being depicted on the cards, and the schools do, which
seems to make things OK by NC$$ law.
 
As for the big national sets, Classic does have the right to portray
collegians in their college uniforms once the player's eligibility
has expired.  I know of at least one player at Michigan who was
offered $100,000 by classic to produce his card (which would have
meant giving up his eligibility).  The other major companies do not
have this right.  One of my favorite examples is a 1990(?) Score
card of Nelson Emerson which clearly shows him in action with Bowling
Green, but his jersey has been airbrushed to remove the school name.
Nothing against Emerson or BG, but it's a stupid looking card.  I
imagine that most if not every jersey would look goofy if the logo
were removed.
 
Lastly, Upper Deck has the right to produce cards of players in the
World Junior Championships (particularly Team Canada), regardless of
the players amateur status.  There was some controversy in recent
years about players not being able or willing to play for Team Canada
because they had signed exclusive contracts with Classic and Team
Canada insisted (with some prodding by Upper Deck, no doubt) that all
of its players agree to the possibility of appearing on an Upper Deck
card.  I love hockey cards, but when the "big business" starts to
influence amateur athletes like this enough is enough.  Eventually,
one of the card companies gave in.  Anyway, several collegiate players
do appear in the large national sets -- but only in the uniform of
their county, not school.  I believe that Michigan's David Harlock
was the first, appearing in the 1990-91 Upper Deck set for Team
Canada (during his sophomore year).  Ryan Sittler, Paul Kariya, Brian
Rolston, Mike Dunham, one or both of the Ferraros, and several other
collegians already have Upper Deck cards.
 
Please keep in mind that all of the above is from the mind/view of
a collector.  If anyone can correct any of my *facts*, please do.
Thanks.
 
  John H
  U Mich