Application Access

An application that belongs to an organization only accepts teams as collaborators and always has the owners team setup as admin collaborators.

Application Access Tab

A team uses the same permissions as a single collaborator, those permissions are: build + view deploys, build + deployment and admin. Read more about permissions

Giving a team admin access means they are allowed to do the same type of management on an application as the owners team. This means they can also change the permission on a team or delete the application.