Highlight the contribution of the university wits to english literary history.
My answer will not be 500 words, but certainly can help you get there.
The University Wits were six well-educated men from the collegiate and academia circuit who embraced the traditional theatrical peasant roots, and combined their witticism and proper use of the English language with the witticism and natural use of language of the less educated classes. As a result of their work, our language expanded and extended, became more colorful, complex, and researched. Yet, it also gained an immense solidity as a force not to be reckoned with. These man worked (either independently or as a group) with all they had to give.
The University Wits were: Marlowe, Lyly, Nashe, Greene and Peele. They were contemporaries of Shakespeare, although he was not part of this group, probably because his background was not academia, like the others. Their main focus was drama, which they balanced out making it accessible to both the lower and the upper classes- this never happened before.
So, as far as contributions, the University Wits added class, education, formality, complexity, historical background, and additional color to both the English language and the English theatre.