How about a new law that states that what a student pays in tuition for their degree should not be more than what they would earn in their first year at a job that the degree qualifies them for.
If colleges know that they will only receive 20 grand for passing out bullcrap degrees, they will eliminate those degrees. They will also be motivated to have students complete the degree in 4 years instead of the 5 and 6 years it is taking now.