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Ivy League
First used in 1937 by sportswriter Caswell Adams of the New York Herald-Tribune to reference the conference of teams which were also known as the Old Ten. The teams were Columbia, Brown, Army, Cornell, Dartmouth, Navy, Harvard, Pennsylvania, Princeton, and Yale. In 1940, Navy and Army dropped out but the rest have remained the same ever since. In 1954 the Ivy League was officially formed.

A visitor to this site suggested this explaination:
I've heard a different explanation for the origin of "Ivy League." I was told that originally, there were 4 universities and using the Roman numeral for 4, which are IV-- pronounced eye-vee, often referred them to. Hence, they became known as the Ivy League.