UCLA and other universities are in trouble because of their own doing. They relied on one publishing system and allowed it to grow so big that now this system is mishandling them for its own profit. Had they been more cautious of implications of their actions they would have avoided current situation.
University should immediately back out of negotiations as what they desire(open access) would never be fulfilled by publisher whose sole mean of income relies on subscription costs and search for/or build an truly open access communication system. Entering into another long-term contract with Elsevier would further delay the much needed reforms in currently unsustainable scientific publication process.