To use your metaphor, I think the more accurate description is that the food has decreased in quality and they increased the cost. The chef is resting on their laurels, maybe focused on other things. Maybe they spent a lot of money on a fancy renovation (dorms and gyms) with no impact to the actual food (education). Maybe they no longer shell out for the best staff and increasingly use lower priced employees (adjunct professors).
This actually happens all the time. It's hard to stay at the top and many Michelin star restaurants still close and go out of business.
This actually happens all the time. It's hard to stay at the top and many Michelin star restaurants still close and go out of business.