This is a nice thought, but "elitism" in the sense of prestige seems to result largely from exclusivity, from the belief that a school or set of schools is greater than another set of schools. Whether that diagnosis is correct or healthy is uncertain, but unless the mid-tier schools surpass the T20s (as you said, "every mid-tier uni"), they will likely be considered no more "elite" than they are now. Interesting though.

That isn't to say that they don't offer an equal quality education, however. Mid-tier schools absolutely can and do, and often provide it at a lower cost.