I had to be in the Roanoke/Salem area on business today so I printed out a copy of the photo in question and stopped by Roanoke College. I went to the library and was told I needed to speak to the college's archivist Linda Miller who's office was in the basement. Fortunately Ms. Miller was in her office and very receptive to helping me. When I showed her the photograph she said it was definitely a Roanoke College team but she didn't know which one. She took me into the archives room and we first looked through a large box of athletic team cabinet photos from the 1900-1920 time frame but didn't find any that matched. We then began going through year books on the shelf one at a time but didn't find the photo in any of them either. She explained that the college didn't issue a year book between 1900 and 1903 and that maybe the team was from one of those years. As she was telling me this she remembered that she had the 1904 yearbook on her desk doing other research. When we opened it to the baseball team it was the exact photo in the original post. Here is the information on the baseball team that was on the opposite yearbook page.
Ms. Miller also knew exactly where on campus the photo was taken. It was on the right side of the Bittle Memorial building. In the OP photo you can see ivy on the wall behind the players and ivy still grows under those windows today.