I don't know what the O.P. was meaning when he asked about a team. There are obviously different ways to have "teams". I would not say that people have the wrong idea, they are just different ideas. In reality, when a shop has a team, it is just like you said. This is considered "sponsoring a team". There is a big difference between a shop sponsoring a team and a mountain having a team. You would have to check with the NSAA to find exact statistics, but when most areas have a team, it is a developmental thing. O.K., maybe there are no orange slices, but there are serious practice sessions and coaching.
Shops sponsor teams and as long as a team skier/rider is making them look good, all is well. If a skier/rider no longer makes them look good, adios.
Most ski area teams require that the skier/rider foots the bills (hopefully at some kind of decent rate). They are investing in their own skiing/riding career by being on the team. Of course, there are exceptions to this, but I believe that this is the norm. Personally, I don't know what BC does or is interested in.