This is an interesting article but the author misses a main driver of attendance and price and the major cause of the coming downfall. When the Supreme Court handed down the Duke Energy case they made it impossible for corporations to test for intelligence. One exception was made for Universities so if I want a job at corporation A, the best way to prove my intelligence is with a diploma from a prestigious university. This has slowly increased the value of prestige and the need for a diploma.
The main cause for the coming fall is the internet. Education like we have known it will become reproducible at trivial costs. A good example of this is Khan Academy.