As someone who retired from a university after forty years and at sixty-seven years of age, there are many things that could be done to lower costs. When I was an assistant professor in 1973 I taught five courses and usually had couple of independent study students. A full professor taught four courses and could buy reduced time from research funding. By the time I retired in 2008 a full professor only taught one course per semester without buying time off and an assistant professor only taught three courses to give them time for independent scholarly activities.
If faculty carried the same loads today the costs would be drastically reduced.
Buying posh homes
Buying posh cars
Buying posh wardrobes
Buying posh hookers