As a point of reference as to the value of your old equipment - after attending probably 20 college tournaments over the last 4 years..........my guess is 70% of the college athletes do not have any equipment so they all share skis, vests, helmets, jump suits, handles, etc. Your old "trash" becomes a "treasure" for these kids. Things commonly needed are short jumpers, trick skis (doubles and single), binders, slalom skis, vests, ropes, handles, etc.
A creative college team will present a starting lineup that includes kids entering the slalom course on jumpers or wake boards (easier to learn to run an opening pass). Trick passes will include wake boarders. In many cases, a kids first attempt at jumping is when they show up at their first tournament. Team scoring is uniquely different than what we all see at our weekend events.
From a money standpoint, I have seen kids with great potential not participate in a college event because they could not afford the entry fee or cost to join ASWA. Amazingly teams seem to cobble together enough money to buy a team boat (usually without ZO) and secure a location to practice. Often practice sites requires a fair amount of driving distance. When they travel to tournaments they pack 8 to 10 kids into a single hotel room, and God bless the hotel that offers a free breakfast!!!
My suggestion - go to a fall college tournament next month, I promise you will be entertained beyond words, and you will get a great feel of the importance of collegiate skiing. In many cases its the introduction of our sport to the next generation. Hopefully you will also get a better feel of the challenges that some kids and teams have to overcome to become tournament water skiers.