Thanks for the replies. Now heres another scenario for you.. What would be your ideal setup with a limited crew. 1-2 people for both an audio and video feed. 1 person on a sport that needs no camera movement and 2 for the rest. Ideally HD streaming.
I doubt you'll find a sport that doesn't need camera movement. What are your needs for audio? Will there be announcers? Is there an expectation of adding any graphics? Is any part of it going to be sold (advertising, commercials, graphical enhancements, etc)? You might be able to get away with one person running a camera, but (no offense to you or those who actually do so) it's going to make a pretty boring show and you'd better have a compelling product if you expect people to watch one locked off camera coverage of anything.
What sport or sports would you start out covering? Every home game? Where would they "air" (internet, LO, campus station, etc)?
The Tricaster comes up huge here, too. As -DH said, one person can pretty much run the show -- your follow-up question doesn't really change much in this regard; it's still at the top of my list.
I guess if graphics, sales, audio, and the like were no consideration, you could do it with one person operating the camera. Adding a second camera probably adds two positions, though; another camera person plus a director/everything else.
What sort of facilities did you learn on while studying? Do they have a truck or studio? Since they offer a concentration in production I'd think the college would already have some of the appropriate equipment. At my college there was a good relationship between the TV and athletic departments. They probably cross-billed for some of the services, but they were friendly and willing to work with each other. You should definitely help the two departments try to work together. Oh, while I'm on that, college labor is cheap. I mean, you're not going to get top-billed camera work, but for a very low rate or course credit you can definitely put some of those production people to work. It takes extra work to guide and direct students, so depending on some of your other answers you might want to go so far as to hire a professional freelance director and maybe a camera operator to corral them.