The problem with the neoliberal narrative is that academics were the best paid, most well-trusted, and highest job-security professionals in existence. They had incredible bargaining power, and indeed traditionally universities were virtually run by faculty. So how did all these (provably very left-wing, many avowedly Marxist) academics let universities be transformed by a few mid-wit administrators copying ideas from the private sector? And how come the results are worse than anything in the private sector?

IMO universities must have been pretty sick to begin with to capitulate so easily. The right-wing counter-narrative at least is internally consistent.

If you want to reconcile the two, the academics I know all suggest the wokest, youngest academics with the least regard for intellectual rigor usually allied with management. Like if you want to teach in the humanities, it's a big help to kick out all incumbents by saying that their courses are eurocentric etc. The more recent generations of academics have nothing to complain about re: universities because they were active agents in its demise.