Downey has won three UCI World Cup gold medals while fellow Banbridge rider Teggart won a stage at this year’s Ras in Ireland.
“I’m proud that Team Wiggins is now known as a top development team for young talent,” said five-times Olympic gold medallist Wiggins.
“The 2018 crop of under 23 riders looks as exciting as ever.”
He added: “We had our first team get together with physiological testing last week in Liverpool where it was great to meet the team and talk through the 2018 plans.
“This is the next generation of cycling heroes, and I hope Team Wiggins will inspire more and more people to ride bikes.”
Downey, 21, has won two World Cup points races while the other gold medal came alongside Irish team-mate Fleix English in the Madison.