Still, this is a horse I've been flogging for some time. There is no "quality control" on campus. I learned this a couple ways, but the biggest was when I was teaching a calculus class at State when I was a junior. Now, that may sound odd to you - it did to me, too. Being a TA as an undergrad is no big deal -- I could do calculus as good as a 1st year grad student, and explain it just as well. It just so happened I was paired with a brand new faculty member who knew his first priority was research so as to get tenure. Even if he had had tenure, research would have been first priority. So he had a few conferences to go to during the semester. Instead of getting a seasoned prof, or even grad student, as his replacement during conferences -- I lectured. Uh huh. This happened more than once in the semester.
Truth be told, I think I was just as good a lecturer as he was. It helped that English was my first language, for one. Also, I probably got more training than he did (sure, a 3-day seminar, but I'm willing to bet he never had any training.)
Anyway, it doesn't matter one way or another -- there is no measurement of "outputs" for college. There's a reason that there are professional exams, like the bar, the medical boards, CPA exams, actuarial exams, etc. etc. even though one can major in those subjects and therefore supposedly know what the stuff is. This is a way to ensure that what we claim to know, we actually know. And it's out of the hands of the colleges.
Anyway, this is going to be a component of the online education thing I have in mind. And I think it will be like what I always said when I was a TA: I will lecture for free, but you have to pay me to grade. So, like OCW, the lecture materials will be free (I, of course, will have advertising) - but to go over your work? That, you got to pay me for.