The question is really how to add transparency and systemization to the process in a way that cannot be gamed. I don’t think everyone believes standardized testing is the answer, so what is it?
My personal opinion is that they will actually create separate admissions pools, under the cover of the School of Engineering and Applied Sciences. The transparency will be about “Fine, for this specific program, we will simply admit the top 400 test scorers” or whatever. Each department will have its own admissions policy and students will be able to choose which to apply to. Everyone gets the same education, opportunities and degree. They will wind up with the same exact class but at least the deal being cut with students is more transparent.