One thing the article doesn't touch on is how to replace things other than the big, sit-in-an-auditorium style introductory lectures. It's plausible MOOCs are on their way to delivering the equivalent of that educational experience for much less money. But that's really only the introductory part of university curriculum. Just as important imo is the part where you do projects and get hands-on experience.

For example, in my senior-level AI class, we had lectures for the first 2/3 of the semester (approximately), and then for the last third, picked a project to do individually or in small teams, and met one-and-one with the professor once a week to develop and carry out our project. That was by far the most educational part of that class. And in physics, the physics lab was just as important as the lecture, possibly even more important when it came to learning how to actually carry out experiments properly.

I can imagine that kind of learning being tackled, too, but I think it'll require something considerably more innovative.