The story
From the ambitiousness of college athletes. Earliest known use from 1914. Said to have been coined by John McGraw, manager of the New York Giants from 1902–1932 (see citation from 1917).
Etymology from Wiktionary, CC BY-SA 4.0.
old college try
Today it means: A vigorous, committed attempt or effort, often in the context of a nearly hopeless situation where failure is expected. Full definition →