Either check out the Academica theme on Smashing magazine that was released not too long ago, or you can always customize a theme. I recently saw a Gabfire theme customized for university newspaper. So it all depends on user preference, but possibilities are endless. Let me know if I can help.

I can't embed links yet because I don't have enough posts here, so google the following:
smashing magazine academica
gabfire

Uh oh i think someone is starting a diploma mill haha just kidding

Here are some free templeates for College / university Website. You may chose anyone of them: Best university website template downloads.

you could get some ideas or buy some from themeforest. They have pretty good samples.

Just any templates? Or are you planning on using a specific CMS?