If a rich guy's willing to pay a lot of money to get his dumb kid into a university, enough to fund scholarships for two or three smart-but-poor kids, what's th

If a rich guy's willing to pay a lot of money to get his dumb kid into a university, enough to fund scholarships for two or three smart-but-poor kids, what's the ethical problem? I see no problem with universities having an admission tier for rich people that's like 10x as expensive as normal tuition, but completely bypasses the application process. Or maybe they auction off 5% of their seats and let the market set the price for those no-qualifications-required seats.