Its a great blue color.
Unfortunately those late Chicago Varsities got the ugliest imaginable decals in 1980, 1979 and later.
I don't know what the person placed in charge of designing the overall decal design on those was smoking on the day that he came up with that hideous decal design.
After the classic looking design that served from about the mid sixties to the mid seventies, Schwinn employed that modern SCHWINN graphics design that looked really good too, on some models starting in about 1975.
The problem was that these new modern SCHWINN decals would tend to self-destruct and flake and have bits of the decal fall off within a year or two. I'm guessing it was that those newer modern decals weren't made of a material that could withstand direct sunlight or the combination of heat and sunshine and the decal material shrinking in the cold weather.
Anyway it seems, the yo-yo that was given the task to go more retro with the Varsity decals in 1979, had to be a relative of the person who styled the front end of the initial Edsel with that awful horse collar grille, maybe it was him, now working for Schwinn some 20+ years later. It is just inexplicable that Schwinn let that ugly late Varsity decal set out the door on any bikes.
The bonehead even managed to make the front fork decals as ugly as possible. You can see he took a cue from the earlier Suburban or maybe an older Continental, and though those old decals in their own right look distinguished and nicely understated, our yo-yo designer decides it needs more of something and just ruins the taste. The seat post decal isn't great but it isn't ruined as bad as that yo-yo's other decal re-designs.
1979 & later Schwinn VARSITYs are still great durable bicycles. That blue color is a beautiful color. You may consider carefully removing the '79/'80 on... decals, and give it an upgrade to perhaps the circa '65 or '66 and later through about 1974, or that equally nice looking modern decal design seen on circa '75, '76, '77.. Varsities.
If the yo-yo was trying to recapture some of the ugliness of the 1960, and 1961 Varsity decal designs, it is my opinion that he did succeed in doing that. I remember thinking then, what was Schwinn thinking? After all they had great looking decals on it of two different styles since around 1965, with the modern ones since 1975 being great looking, they just needed to find a manufacturer to make that style decal more durable. I recall thinking that even if they resorted to installing classic style Schwinn decals that were more conservatively colored and classy, like those seen on the first four years of the Suburban, where the decal seems to age quickly and essentially almost blend in to many of the Suburban paint colors during '70 thru '73. It seemed like that would have been better than the hideous monstrosity of decal set that those last years Chicago Varsities got.
The Varsity deserved better respect than that. At least some of Schwinn's paint colors were still nice and the build quality of that two ton tank of a bike was unchanged.