What employers want from universities is the credentials and they hope this relates to assessment. The problem is that most assessments do not test anything employers will find useful. Sitting for three hours regurgitating notes is not what employers want. So maybe this will lead to improvements in assessment which is the bit you will always have to pay for, and the bit universities will always want to keep control of.
As a thought if you are only doing the credentials and assessment, couldn't we have just one or two world-wide credential issuing/assessing bodies? After all there is no cap on numbers, as with the traditional university model. So this could mean full free-market competition leaving only the fittest. Would the research led universities want to bother? Would we all end up with a Pearson or McGraw-Hill degree?