Yes basically.

I definitely see your point - misaligned goals. I would hope that the level of impact would lead to great reputation and higher caliber students, pushing toward the best students and greater impact.

Metrics is a piece I have thought a lot about, and the best way I can think of to collect metrics on the graduates would be making the alumni network very strong and making sure they get so much out of the experience they want to give back. But you are right - the metrics would not be easy.