Why not fix the root of the problem? This solution will only serve to enrich the universities and not get them to change their behavior.
Even something as extreme as outlawing job listings from listing college degrees as a requirement probably wouldn't do it. It'd just become a "soft" requirement.
We stop federally subsidizing student loans. This will reduce the overall cost of universities, because they won't be relying on instant government money and the universities will be responsible if the student defaults.
It will be in their best interest to push out students that actually succeed and have a chance at paying the money back.