First, I think that’s it is a given that they would not decrease their tuitions for an online product that provides their real sheepskin.
But if they were to offer their legit accepted students an online home version, those students could save the cost of living expenses while the schools would defray overhead costs (unless they are raking it in with their dorms and cafeterias, but I suspect those ultimately end up being budget neutral). Still it would require less staffing, heating, utilities, etc, etc.
Their will still be those who prefer to stay on campus and have face to face access, but smaller numbers of richer kids. This would impact the campus activities to some extent, but not if they increase their enrollment commensurately for even more tuition intake through increased volume. This will devalue the degree in the long term, but how often do administrators think about the long term when facing the opportunity of short term gain?