"But its reputation is fraying as prominent educators, students and some of its own former administrators say the relentless pressure for higher profits, at a university that gets more federal student financial aid than any other, has eroded academic quality."
https://www.nytimes.com/2007/02/11/education/11phoenix.html
This has been true for years. Now, there is only microscopic levels of quality. The pressure to reduce costs have doubled online classes to the point where most instructors are overwhelmed and can't keep up with the volume of work. It is impossible to see how the institution can recover; then again that isn't the goal. The goal must be to make it a palatable offering for sale, much like Kaplan being bought by Purdue. There are some assets another institution might find viable.
Sad but true. Close it down.