It's not as good as the title says. The journal publishers will still own the copyright, they will just have to license some rights to the university.
That means unless a waiver is given, it doesn't matter what the journal does or thinks, the university can publish the material anyway it likes. A compromise of sorts, but the effect is that more people potentially have access.
Just have a thought, do we really need journal publishers these days? It was once a time we don't have any means than print publishing to exchange views, now we have the series of tubes to do so.