If you couple this idea with getting football out of college, I'm all for it!
Think about how much $ is "wasted" on big college sports like football, situations where a Nobel prize winning scientist gets paid far less than the football coach, college athletes complaining about not being paid, numerous program violations - all this could go away thanks to PTR's idea.
On the other hand, this isn't a footbal discussion but more along the lines of politics so I'll shut up now.