Yes, NCAA athletes can drink Red Bull Energy Drink during sportive activities. However, the NCAA regulates caffeine intake among student-athletes.
The United States Olympic and Paralympic Committee (USOPC) also provides helpful information in their Caffeine Factsheet.
Updated Caffeine Factsheet
All Red Bull Energy Drink products contain 80 mg of caffeine per 8.4 fl oz serving. All Red Bull Energy Drink products contain less than 200 mg of caffeine per serving.
For further information concerning your caffeine intake please consult your registered dietitian.