It's an exhibition in the sense it is an individual competition and it doesn't affect the NCEA team records or rankings, but it is a huge festival. They have a college competition section that attracts top riders which is what our student-athletes compete in each year if invited.
http://www.equestriansport.com/FTI Consulting Winter Equestrian Festival
The FTI Consulting Winter Equestrian Festival (WEF) is the world's largest and longest running equestrian competition. The 12-week event, which runs from January 9 through March 31, awards over $6 million dollars in prize money and hosts 5,000 horses and 2,800 riders from 50 states and 31 countries. During WEF, spectators can enjoy Saturday Night Lights every Saturday evening beginning at 6 pm. The FTI Consulting Winter Equestrian Festival is run by Equestrian Sport Productions, LLC and Wellington Equestrian Partners and held at the Palm Beach International Equestrian Center.