Question is do the top college coaches care more who you play for or where you are playing?
You understand that's a really loaded question right???... lol. To a large degree they kind of go hand-in-hand.
I think the shortest version possible to answer your question is this:
Most colleges could care less about the logo on your jersey... truly
They do care a great deal about watching you play competition consistently at the level THEY play at however.
So if you are asking about the "top college coaches" then they only care if you play for a team/org that can get into those "top-level" elite tournaments that they will be attending. In other words, the event is certainly more important than any given team/org for sure.
The trick is being able to get in to the tournaments where the coaches you want to audition for are regularly attending.