Absent proven academic fraud, I don't honestly believe it's possible for a university to "revoke" a degree without opening themselves up to a huge civil lawsuit. And, hopefully, those civil lawsuits will manifest.
Aside from that, it's obvious that Ivy League schools are no longer rigorous institutions or capable of fulfilling their missions. I suspect that more and more of the *actually* talented people will choose lib arts alternatives, leaving the Ivy to the legacies.