The cost could be offset by administrators not taking a huge cut. Quite literally these administrators do nothing of worth; it's the work of grad students and not-yet-tenured professors that keeps universities rhnning., Not the endless circles of bureaucrats
Grad students are major drivers of funding and research for universities. Cutting them will reduce that funding further and make them look worse nationally as an institution.
Perhaps undergraduates SHOULD be welcome to do more of the work? I see no problem with offering cheap workstudies to help grad students and professors getting the little things done while they research and learn.
Adjunct professors might be a good thing-many tenured professors disdain teaching and it shows.
Grad students won't be asked to do more than they agree to because they have a union.
Grad students are already the cheapest, and universities are flushed with cash and can't outsource so while they may cut a bit on the numbers mostly they will have to suck it up.