Varsity Red is a primary red Nike color. It is the modern shade closest to pre-1988 'Red'.
Varsity Red is probably the most popular red Nike color. Associated with Air Jordan series since 'Bulls', 'Playoffs' and 'Flu Game' Air Jordan 12s in 1997.
A couple of sites reference a Nike Air Force 1 High with Varsity Red details from '95. With no additional V-Red references online before the Jordan XIIs, is it possible this shade only appeared on a single pair then disappeared for a couple years? Might it be more likely the date was misreported somewhere then copied by others, and Varsity Red was actually introduced in '97 in conjunction with the newly established Jordan Brand?