Not only a bad idea but unnecessary. The structure of American higher education and the "good schools" and "good departments" have been easily known for probably close to a century, if not longer. Another silly rating system ("no child left behind redux") is a waste of time and money. The idea that a college degree is a, and is necessary for, a ticket for a job is a relatively recent philosophical academic concept anyway: a so-called higher educational degree was to prepare one for life, not just a "job."
The root of the problem is that beginning around 1970 there has been a systematic political attack on higher education in this country by a reduction in public funding of our educational system complicated by a concomitant increase in relatively useless politically correct programs. California is a prime example of this, but the problem is nowhere limited to this state.
As to the students graduating with high debt not dischargeable in bankruptcy and no job prospects, I am pretty certain that the most numerous and egregious examples of this problem have been reported with the "for profit" diploma mills preying on and promising a quick fix for people who didn't apply themselves sufficiently in their earlier years.
While university budgets are undoubtedly top heavy in administration with outlandish salaries, it is not the professorial salaries which need reduction -- lop off and curtail the administration. One million dollar salaries for college presidents are a reality, based on specious reasonings, and if the president has such a salary, one can bet his underlings "need" correspondingly bigger salaries as well. If such funding went toward reducing tuition levels, students wouldn't be required to have so much debt. Publicly funded education has traditionally been an American hallmark which has been under attack in recent decades, which has resulted in a shift of the financial burden to the student rather than on the commonweal.