It's a little more complicated than that. In Magic, the 10 permutations already exist as the guilds of Ravnica. Strixhaven is essentially a second-take on five of those permutations. For example, Red-White (RW) on Ravnica is the Boros guild, which is kind of a militia preserving order by knocking heads together. RW on Strixhaven is Lorehold, which is archeology studying societies of the past. Both RW, but exploring different facets.It seems like each mage college is a permutation of a pair from the five colors.
But there are only five colleges, where ten permutations are possible.
Does that mean five colleges are missing? Might they appear at point in the future with their own styles of magic?
Since we already have the 10 guilds, we might see the other "alternates" in a completely different setting.