I know some places are working on go at your own pace math curricula. That's a bit easier, because the content is so standardized across universities and instructors.

Basically, your tuition covers a set amount of instruction time (like it does normally), but if you progress into the next course your progress is saved and you might even earn a fraction of the possible course credits. Similarly, if you only make it partway through a course, your progress is saved and you receive some fraction of the credits for the course you were in.

You have to workout testing facilities, too, since the whole class isn't testing at the same time. To do it right, you really need the whole department to buy in.