SI currently has 5 teams. Prep, Blue, Gold, U16 AA, and U15 AAA.
The prep team is equivalent to a varsity team. They are not a true prep team. All the kids attend SI and are local. They just happen to get a lot of good players and that makes some folks mad. There is no reason they can't play in the OHSAA playoffs so they do.
The Blue team is made up of older players (usually Sr and Jr) who didn't make the prep team. The Gold is the same - maybe a few younger kids but not quite the blue team.
The U16 AA team is just that - mostly sophomores and many will join the prep team next year.
The U15 AAA team is made up of frosh (with a couple of young sophs mixed in). They come from the Barons, Jr Jacks, lots of Team OH kids this year. They play a AAA schedule but against mostly (my words here) lower level AAA teams. They're not playing Honeybaked or Little Caesars... played the CBJ AAA team last year but didn't fare well.
Bottom line... lots of recent success, big school, lots of players in the program (about 100 kids this year) and they try not to cut anyone.
You can see the schedule and roster for the prep team at ignatiuswildcats.com.
The other teams' rosters and schedules can be found at clewildcats.com. They are technically not a "St. Ignatius" team but all kids attend St. Ignatius.