The move was expected as the team worked a dark match at Tuesday's SmackDown tapings, losing to Heavy Machinery.
WWE had filed to trademark "B Team University" earlier this week. It's not known how the term will be used for the team.
Since losing the WWE RAW Tag Team Championship to Drew McIntyre & Dolph Ziggler last September, the team has been used sparingly on television, mostly in multi-team matches. They have only wrestled on RAW twice this year, with their last match being on the March 4th episode of RAW as one of four tag teams in a tag team gauntlet match, which was won by Heavy Machinery.