Eighty terminals on a single PC might have been more difficult, but by that time the computers were already networked, so it would have been cheaper to just use two PCs than to use some kind of terminal aggregator.
Usually the RS232 was just on the terminal side. Somewhere along the path it got converted to twisted pair.
All the twisted pair serial lines congregated in the server room at a punch-down box. Eighteen year old me wasn't allowed to mess with anything past that point, but from what I can remember those lines were concentrated by a multiplexer (mux) and sent on to the minicomputer.
I can't give any details about them, because well, I was a kid, and the details of what they were talking about were beyond me...
We moved to terminal servers pretty quick. These were dedicated devices that converted serial to IP (Livingston Portmasters, Xylogics Annex, Telebit Netblazers are the ones I remember working with.)
DECserver was a popular one back in the day.
https://en.wikipedia.org/wiki/DECserver
These days it might be more economical to just have something like a Raspberry Pi attached at each terminal. Then the connections to your network could all be wireless.
The rest of the university had general-purpose terminal rooms that used port concentrators. These had a rudimentary CLI that enabled the user to specify a resource to connect to, so it was sort of a circuit-switch deal. Among the resources were VAXen running BSD, VMS machines, and Annex boxes which could be used for TCP/IP connections across campus, or to the outside world. These Annex boxes were also frontends for dial-up users coming in over modems.
This was a decidedly low budget solution, even at the time. There were also commercial offerings from vendors like Cisco and Livingston that provided a terminal server in a dedicated appliance form factor.
edit the breakout boxes look like this: https://149707953.v2.pressablecdn.com/wp-content/uploads/imp...
Personally, I'm using a Commodore A2232 seven port serial board in my Amiga 4000, which has its own 65CE02 CPU to offload work from the main CPU.