The traditional form of higher ed is indeed obsolete.  Higher ed fully integrated into the information age is important.  With a few exceptions, internet classes can supplant in-person classes.  If we had only 5 face-to-face schools with the lectures from each made internet accessible, we could provide education at much lower cost.  Of course, we would disemploy many many college profs and the special interest they comprise will fight to the death to prevent radical productive innovation.  Learning primarily occurs while doing.  Interactive instruction/question software could provide better tutoring than available in traditional colleges.

Rankings?  Good for the top, bad for the bottom.