my guess is that this is the first of many https://www.tommiemedia.com/news/business-college-suspending-admissions-to-full-time-mba-making-other-structural-changes/
It absolutely will be the first of many. A vast majority of b-schools are seeing a decline in applications because many working professionals are pursuing their degree via distance learning. It only makes sense that universities get on board with online education. There are ways to maintain the integrity of the degree while offering it online.
I thought that MBA programs were breeding like cockroaches. But Josh is right. Much of the market for MBAs seems to be non-traditional-age students who typically favor part-time, night or DL programs. This isn't really a high profile business school (except maybe in Minneapolis) so it probably attracts a different kind of student (older, already-employed, not as wealthy) than the prestige schools. A full-time day program that emulates the prestige schools' model might not attract as much interest.