This is almost a certainty. Distance learning a la The University of Phoenix will displace traditional colleges. Customizable, valuable courses that end in vocation. Immediate update to curricula. The textbook racket is over (the Kindle will do that anyway). Heck, even sports teams will exist, with students using league-approved avatars. No steroids, no phony "student athletes" facade and hoepfully the death or dramatic overhaul of the NCAA. These online communities will be augmented by local clubs that will provide an outlet for social networking and certain extracurriculars (even dating).
And why not? The cost for upper education is absurd and modern universities breed elitism (overwhelmingly characterized by strident liberalism). Tenure is a cancer in that it suspends accountability.
This will happen in my lifetime and I am 50.
If sports are so damn important to the college's prestige, they should pay the players and contract with the NFL, NBA, NHL, etc. to provide farm teams.