Universities exist within the river of time, so we have treated them historically. They have stood since Magna Carta, with their structures essentially unchanged. Universities are also institutions, so we have examined their functions. The three basic functions, educating the faculty, teaching the students, and collecting knowledge, remain robust. Universities are an existential necessity in western culture. They produce the essential knowledge, technology, and skills necessary for an industrial society.
Money is, and always has been, the main problem within universities. Education is hideously expensive. Most of the problems that critics point out can be traced to a lack of money. These critics also often complain that universities are in crisis. In fact, see no sign of this apocalypse. Universities are doing pretty well. They produce an immense amount of knowledge and technology. The faculty teaches pretty well, the students are learning (at least something), and the only permanent problem is inadequate funding.