Well, it could be implemented by adopting the way in which it is done in other developed countries with free university educations: rigorous entrance examinations so that the number of students admitted can be educated within the institution’s budget without tuition receipts, using only taxpayer funds, regarding having bright students receive proper university educations as a public good, and income from endowments (even public universities now have endowments)
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So no one with less than a 1300 or 1400 SAT?
Probably you’d want something better than the SAT or ACT, more like British A-Levels or the U. Tokyo entrance exam. I was rather hoping each university would design its own entrance exam, maybe its own entrance exam for each degree program, but your suggestion would be a start.