Would a self organised University be possible in the US system? A group of teachers using cheap space and online communications to provide lectures/support/ass

Would a self organised University be possible in the US system? A group of teachers using cheap space and online communications to provide lectures/support/assessment with students then taking exams accredited by another institution? Possibly with sponsorship/organisational support from a voluntary sector organisation? That is basically how most Universities outside Oxford/Cambridge/Edinburgh/Aberdeen started in UK in the Victorian period. The University of London was set up to validate degrees provided by various constituent colleges in the regions. There was a strong non-conformist (Baptist/Methodist) input on the funding and organisational side.