It is obviously a disgusting bill, and pretty lame that Arnie signed it, but if you are a private christian college, just don't take money from the state, and you won't be beholden.
When you see state monies spent to enforce a particular doctrine, such as "Sensitivity Training" (i.e. social anesthetisia), you can only presume that in due time, that doctrine will be furthered in scope.
Doubtless, those in favor of the "Anything but one man and one woman" lifestyle club are planning a two-stage attack; stage one is to starve faith-based organizations of capital, and stage two, pound them in court when they're broke. What you are seeing now is the setup for stage one. After many religious campuses are drained of students, then stage two starts, and you'll see the onslaught of lawsuits from transgendered transsexual transreligionists insisting they be made the head of every remaining religious school in the Land of Fruits and Nuts.