Glenn Reynolds: Higher education's bubble is about to burst

I agree wholeheartedly.  The money quote:

My question is whether traditional academic institutions will be able to keep up with the times, or whether -- as Anya Kamenetz suggests in her new book, "DIY U" -- the real pioneering will be in online education and the work of "edupunks" who are more interested in finding new ways of teaching and learning than in protecting existing interests.

I'm betting on the latter. Industries seldom reform themselves, and real competition usually comes from the outside.