Salaries are the biggest expense at a university, you can easily cut those by shifting to more adjuncts. With the shape the academic labour market is in, that is easily done. Quality of instruction drops, but the students don't mind, they are there for credentials, not for an education. What does suffer is the idea of a university.
Graduation rate is really problematic. You can fix that by watering down standards, again the students don't mind, it's more A's for everyone, they are there for credentials, but what you would really like to do is to admit more students and weed those out that can't hack it in their first year, before they are welded to the wrong career track.
As for employment after graduation, look no further than third-tier law schools with their legal clinics that employ their graduates. Such places need to be shut down today.