At first, they are trading insults - and then the insults get into academic discussions. This is humor that would appeal to people in higher educational settings. More of a political commentary than humor.
A: Springfield sucks!
B: A&M cheerleaders are clumsy!
A: Your superstar professors (well known teachers) treat undergrads like an afterthought! (like they don't exist)
B: Your tenure track (professors who have job security) is heavily politicized! (is based on politics or who you know)