I don't think so they will do the same thing they are doing with the SAT tests. Simply don't test. Just like high school everyone who attends gets a diploma.
It will render a US college education meaningless. Companies will start importing foreigners with actual educations and parents will start sending their kids abroad for their schooling.
Tests identify a certain level of educational ability. Those with very low scores bomb out of college in droves. Typically with no degrees and large Student Loans.
Students with low scores should consider vocational tech or other options. It is that simple or do you want so many more to FAIL COLLEGE?