Cut the top 20 salaries in half and fire 10% of the staff who are not directly involved in academics (must teach, learn, or research) for starters. Sever any major athletics organization (i.e. football, basketball, etc) into a separate legal entity with something like a license fee to the university based on team revenue as a percentage so funds flow exclusively in one direction.

University admin work expands to the available workforce and I've heard first person accounts from long time senior university staff about admin employees who literally didn't do anything of any conceivable consequence.