1 strategy might be to buy an established university and get rid of the wasteful excess.
Another strategy would be to attract the brightest away via some sort of YC/Theil education combo (we provide an education for a cut in your future income and we put you in touch with the brightest minds). You'd then have to overcome all the problems with licensing associated with the alliance between higher ed and local/state government (you can't train engineers, doctors, lawyers without approval from certification schemes, ...software engineers don't require certification yet). You would do this by demonstrating your students are smarter and more capable than the certified students.
Once you've taken down the licensing and certification scheme you open the road to disrupt higher education for everyone else.
more on bloat: http://goldwaterinstitute.org/sites/default/files/Administra...
I've written some more about how oversold education is here:
http://www.thewesternwrangler.com/search/label/administrativ...
http://www.thewesternwrangler.com/2011/03/higher-education-r...