Yes, I think that we should make use of the various higher educations models. University, College, and Tech.
University should be the highest. It should be the hardest to get into, the hardest to stay in, it should require extensive and diverse education. No "physics for people who can't do math". If you can't do math, you don't get in. Required courses should cover everything from the hard sciences to music, art, and foreign language.
College should be slightly more focused that University. It wouldn't be the highest and most rigorous of higher education academia. But it would have some diversity (some gen ed courses), and allow students to focus more on their majors than being forced to take a lot of extra classes. Physics majors can focus on math and physics classes, etc. I think in many ways how "University" is run now, I'd be more inclined to say it's closer to my idea for College than University. It's admissions should be well more lax than University, and the more focused curriculum should make it easier to stay in.
Tech colleges are as they sound. They teach a trade. There's no extra stuff involved, you go to learn to fix cars you learn to fix cars and that's that. Still important designation.
I feel that if we held to these sorts of definitions and standards we could improve higher education significantly as well as encourage those in Jr. High and High School to perform under more intense rigor particularly if students wanted a shot at University.