Varsity awards are awards given to students who have achieved excellence in their respective sports or activities. The term 'varsity awards' is often used to refer to the letters that are awarded to students who have achieved a certain level of success in their sport or activity. The seven letters in the crossword solution refer to the letters that are awarded to varsity athletes, such as V for victory, A for achievement, R for recognition, S for success, I for individual, T for team, and Y for youth. These letters are typically worn on the athlete's uniform or jacket to signify their accomplishments.