Colleges aren't dealers of knowledge as much as they are of branding. The college pitch has always been one of a luxury good. Now days, they try to pitch that it's a required luxury, which is moronic, but none the less, the case. Colleges have spent tons of money and effort weaving their narrative of college into our culture. In fact, even earlier posts in this thread demonstrate how pervasive their advertising has gone. Like Apple fans un-knowingly regurgitating subliminal-ish advertising.
Before I get too far out in left field, my point is, for that method to work they require that knowledge be viewed as a luxury good. The Internet has the ability to make storage and dispersal of knowledge nearly free and extremely accessible. Thus, to colleges, technology is candy being offered by a man in a window-less van. The environment has been changing, and colleges will have to adapt or go extinct, but like with everything else, until their hand is forced they will continue to grasp at what has worked in the past. --Which is, throwing money at branding opportunities like research and sports instead of worrying about pesky things like quality, efficiency, or quantity of information exchange.