Two observations, one huge question, one answer and one finding of fault:

PERS is not the whole problem here, but it's the worst part.  The other part is demand-pull inflation brought on by easy student aid and loan money.  

The only solution for this problem - a national problem, even if Oregon PERS is among the worst state public pension actors - is more on-line course work.

How can some public (and some private) universities each offer in excess of 100 separate degree programs - entirely - on-line?

Answer:  They have leaders for administrators and leaders for faculty.

The Oregon system appears to have none in either.