This paper investigates the secrecy performance of a multiuser system that utilizes transmit antenna selection scheme at the base station and adopts threshold-based selection diversity opportunistic scheduling over legitimate nodes. The legitimate transmission suffers from the presence of noncolluding (Non-Col) and colluding (Col) multiple passive eavesdroppers. Both the legitimate and eavesdropping nodes are assumed to suffer from co-channel interference (CCI) signals from independent channels that follow Rayleigh fading. Closed-form expressions for the probability density functions and cumulative density functions of the end-to-end signal-to-interference-plus-noise ratio for both eavesdropping scenarios in the presence of CCI signals are derived. In addition, closed-form expressions for the network secrecy outage probability (SOP) for Non-Col/Col scenarios are derived. At the high signal-to-noise ratio values, closed-form expressions for the asymptotic secrecy outage probabilities are obtained. Following this obtained asymptotic analysis, an optimization problem for power allocation is formulated and solved to improve the secrecy performance of the network by minimizing the asymptotic SOP for both Col and Non-Col cases. The derived analytical expressions are then validated using both simulations and numerical results.