Faculty free agency, much like professional athletes (say baseball players), would allow faculty members to unshackle themselves from the bonds of a particular university or campus, and bat for any team - read - deliver courses for any university. If the quality of your course offering is good, why can't it be offered for credit at several institutions rather than just the one you teach at?
Additionally, tenure and personnel policies lock faculty members into mediocre paying gigs that could, if scaled up to be delivered in a hybrid format, could bring what the market will bear and increase the potential for great faculty gain a higher yield.
I may be blind to the technology obstacles, but I think they are already there such that, for example, I could say set up my home studio/classroom on my Maui compound. Teach class locally to those willing to cover their expenses to be present in the studio audience, and broadcast around the globe. Then, in real time, I could have say anywhere from 25 students in the studio who would win by being present, to say 100,000 students willing to plunk down minimally 99c per lecture to learn.
Colleges and Universities could field a fleet of big name faculty members and make their courses allowable for diplomas at the local level, and in that way students could coble together a diploma learning from the best around the globe. Of course, this would change the nature of what happens on a college campus, and that has yet to be invented yet, but it may well shrink the amount of buildings needed to house a university, shrink the size of the staff and faculty necessary to run a school, and the like.
In this way, we've created a scalable, more efficient system which reaches the masses instead of what we have sired as an elitist operation only accessible to those who can afford it and the time and dedication to be present to learn from the sage directly on the stage.