Perhaps, and cost benefit analysis appears to suggest this.
With an online degree from MIT – at say for argument – $25,000 over four years, and an on campus degree $200,000, even those students who can afford “traditional campus-based learning” will attend online. Naysayers do not address the marginal value of the on campus experience; is that value $175,000 at any school.
My predictions would be geographical distribution of education from schools in demand. MIT will have multiple campuses with Professors rotating from campus to campus delivering the “in person” experience to the students. On these campuses the living facilities and social venues will be Spartan. The technology for delivery course material from a central location (such as Cambridge MA) state of the art, and the degree from MIT will be equivalent across all campuses.
The number of university and college institutions will drop 90%. The average price of the education will corresponding drop, and the quality of the education delivered will substantially increase. Great teachers will deliver to thousands of students, not just those in a class room. Everyone who is prepare sufficiently can attend the school of their choice, no more arbitrary application acceptance, rejection of due to “limited” space.
And finally, only the best academics who provide true scholarly value will remain in the business. The rest will have to find other ways to justify their existence by creating value.