A good question, and one that the New York Times put to one college professor. A good read, especially the 300 comments that follow.
http://www.nytimes.com/2009/09/05/your-money/paying-for-college/05money.html
Get rid of sabbaticals?
Get rid of upper administration?
Bigger classes and/or more faculty teaching?
3-year degrees?
What would bring costs down the most?
