The solution to this is sadly to revolt, en masse. Which is to say the journals cannot exist without papers, and so institutions which are providing free access to their academics papers are effectively revolting. Elsevier will not survive the transition but I do not believe it will be missed either.

At this moment in time, this instant, there is an opportunity to create an alternative to Elsevier and its journals. New journals with a reasonable policy and non-extortionate pricing. If the idea of an organizing identity makes sense then its an opportunity that won't come around again for a while.